Connect with us

Hi, what are you looking for?

Entertainment

Judge Orders Elon Musk to Testify in SEC Probe

via HBO
This article was originally published at StateOfUnion.org. Publications approved for syndication have permission to republish this article, such as Microsoft News, Yahoo News, Newsbreak, UltimateNewswire and others. To learn more about syndication opportunities, visit About Us.

A judge has ordered Elon Musk to testify for a third time as part of the Securities and Exchange Commission’s investigation into his $44 billion purchase of Twitter, now called X, in 2022.

Magistrate Judge Laurel Beeler has given Musk, his team, and the SEC a week to agree on a date and location for the testimony.

Judge Beeler wrote, “The parties, at least initially, agreed to a date but ultimately the respondent did not appear and resists the subpoena on the grounds that the SEC’s investigation is baseless and harassing and seeks irrelevant information.”

She added, “Also, he contends that the subpoena — issued by an SEC staff member appointed by the SEC’s Director of Enforcement — exceeds the SEC’s authority because it was not issued by an officer appointed by the President, a court, or the head of a department.”

Musk has resisted the subpoena, arguing that the SEC’s investigation is baseless and harassing, and that the subpoena exceeds the SEC’s authority.

Despite this, the court is enforcing the SEC’s subpoena, and the testimony is deemed “not unduly burdensome” for Musk.

The SEC’s investigation focuses on the period before Musk’s Twitter takeover, and the agency has not concluded any federal securities laws were violated.

Musk closed the $44 billion Twitter deal in October 2022 after a legal battle, and the SEC has received thousands of new documents since Musk’s previous testimonies.

Most Popular:

Jury Delivers Verdict in Case of Anti-Trump Prosecutor

Biden Snaps On Live TV — His Most Alarming Flub Yet

You May Also Like

Gallery

This article was originally published at StateOfUnion.org. Publications approved for syndication have permission to republish this article, such as Microsoft News, Yahoo News, Newsbreak,...

Trending