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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.
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