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Elon Musk Ordered to Testify in Probe of $44 Billion Twitter Takeover

via New York Times Events
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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.

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