In a new legal development, a federal court has ordered Elon Musk to testify once again in the US Securities and Exchange Commission’s (SEC) ongoing investigation into his $44 billion acquisition of Twitter.
This latest ruling marks a major setback for the billionaire entrepreneur, who had attempted to resist the SEC’s efforts to compel his testimony.
The court’s decision is a clear indication that Musk will be held accountable for his actions and statements related to the Twitter deal, which has been under scrutiny for potential violations of federal securities laws.
Musk to Face Further Questioning in SEC’s Twitter Acquisition Investigation
The SEC initially sued Musk in October to force him to testify after he refused to attend a scheduled interview in September. Musk had claimed that the SEC was attempting to “harass” him with multiple subpoenas, but the court has now rejected this argument.
The investigation is focused on whether Musk broke securities laws in 2022 when he purchased stock in Twitter, which he later renamed X. The SEC is also reviewing statements and filings made by Musk in relation to the deal.
This latest development is just the latest chapter in a long-running feud between Musk and the SEC, which dates back to 2018 when he tweeted that he had “funding secured” to take Tesla private.
Musk had previously supplied documents and testified via videoconference in July 2022, but the SEC indicated that he had further questions after receiving the new documents.
