Claim BonusBreaking: Elon Musk Under SEC Investigation Over Twitter Acquisition
In a recent development, billionaire Elon Musk finds himself embroiled in an investigation by the U.S. Securities and Exchange Commission (SEC). The probe revolves around his 2022 acquisition of social media behemoth Twitter, now rebranded as X. The SEC is delving into whether Musk violated federal securities laws during his stock purchases and through subsequent statements and filings related to the deal.
Moreover, the SEC has expressed its intent to extract testimony from Musk, aiming to glean information pertinent to its lawful investigation, which is not already in its possession. Consequently, a subpoena was issued to Musk in May 2023, mandating his appearance at the SEC’s San Francisco office. After initially agreeing to appear, Musk raised objections and ultimately refused to comply with the SEC’s request.
Musk Faces SEC Over Disclosure Delays
The tension between Musk and the regulatory body is not a new phenomenon. Their discord dates back to a 2018 incident involving Musk’s tweet about taking his electric car company, Tesla, private, asserting he had secured funding. Musk, after initially amassing a substantial minority stake in Twitter, proceeded to acquire the platform last year.
However, allegations have surfaced, suggesting he failed to disclose this promptly and appropriately. Additionally, Musk’s attorney, Alex Spiro, has criticized the SEC’s ongoing investigation, labeling it as misguided and asserting that Musk has already provided ample testimony.
SEC Remains Steadfast in Musk Investigation
Despite the legal turmoil, Musk has not shied away from revealing potential plans for Twitter. He has shared insights into his thoughts on the platform’s user interface, subtly hinting at a possible significant overhaul in the future. In light of these events, the SEC remains steadfast in pursuing information from Musk, emphasizing that the testimony sought is crucial for its legitimate and lawful investigation.
Read Also: Joe Biden Blames Elon Musk and X for Misinformation
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Crypto Platforms Polymarket and Kalshi Hit With Cease-and-Desist Orders in Tennessee
- Binance Founder CZ Says ‘Super Cycle’ Incoming as VanEck Unveils $2.9M Bitcoin Target
- Will Bitcoin Crash or Rally? Top 3 Events to Watch This Week
- CLARITY Act Markup: Senate Banking Committee Issues Official Notice for Jan. 15
- Trump Tariffs: US Treasury Able to Refund Amid Crypto Market Crash Concerns
- XRP Price Outlook Ahead of Jan 15 CLARITY Act Vote
- Bitcoin Price Prediction: Digital Gold in Focus Amid US Strategic Crypto Reserve Talks
- Pi Network Price Prediction Ahead of 2026 First Upgrade
- Why Is Polygon (POL) Price Up Today? Here’s What’s Fueling the Surge
- What’s Keeping XRP Price Below $3 After a Significant Jan 2026 Rally?
- Top Crypto Analyst Predicts Cardano Price Can Hit $10: Will It?
