News Update


Musk is being sued by a regulator in order to compel testimony in the X investigation.

The Securities and Exchange Commission (SEC) petitioned a federal judge to require him to appear for a third session of testimony about the deal.

The lawsuit was filed after receiving a letter from Mr Musk’s lawyer stating that he refused to present as required.

The SEC was accused of “harassment” by the group.

“Unchecked government action is risky, and the track record here is troubling.” “Mr Musk refuses to accede to the Commission’s incursions and thus refuses to appear as you demand,” lawyer Alex Spiro wrote.

The complaint is the latest squabble between the SEC and Mr Musk, who has previously stated on national television that he has “no respect” for the regulator.

Last year, the SEC opened an inquiry into Mr Musk’s $44 billion purchase of X.

Elon Musk is being investigated in connection with his Twitter acquisition.
According to the lawsuit in federal court in San Francisco, the agency is investigating whether his 2022 stock acquisitions and claims about those transactions violated securities laws.

Mr Musk testified via video conference for two half-days in July after being subpoenaed, according to the SEC. The government stated that another session was required because roughly half of the documents related to the case arrived after those meetings.

According to a letter from Mr Musk’s counsel to the agency, it is “unclear why the staff requires further time diverting Mr Musk from his significant obligations to companies and shareholders…Enough is enough.”

The SEC has already clashed with Mr Musk.


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