Court orders Elon Musk to testify in SEC inquiry over Twitter acquisition

Elon Musk has been compelled to testify in a US Securities and Alternate Price (SEC) inquiry referring to his acquisition of social media platform Twitter, now rebranded as X, as per a courtroom submitting.

Settle Laurel Beeler upheld the SEC’s authority within the matter, declaring that the subpoena aimed to dangle pertinent records for the investigation.

“The courtroom grants the SEC’s motion to position into imprint the subpoena: it seeks related records, and it is otherwise official,” the settle wrote.

The SEC and Musk must agree on a date and pickle for his testimony within a week.

Final year, the SEC initiated fair motion in opposition to Musk for failing to examine a subpoena that had been served since Could per chance well also. The regulator became as soon as investigating doubtless securities fraud related to Musk’s actions in 2022, particularly his stock purchases and accumulation of a stake in Twitter sooner than the leveraged buyout.

At the time, the SEC acknowledged it needed Musk’s testimony to gain records related to its official and valid investigation.

On the opposite hand, Musk criticized the SEC’s subpoena as harassment and advocated for a comprehensive reform of regulatory agencies.

“A comprehensive overhaul of [regulatory] agencies is sorely needed, along with a rate to take dangle of punitive motion in opposition to these those who devour abused their regulatory vitality for private and political impact … can’t wait for this to happen,” Musk acknowledged.

Musk finalized the acquisition of Twitter in October 2022 for approximately $44 billion. As a result of this fact, he presented varied aspects intending to reshape the platform precise into a multifunctional “every thing app.”

Earlier announcements hinted on the open of a peep-to-peep (P2P) cost blueprint this year, even supposing it stays unclear whether crypto will be fascinated about these trends.