The Securities and Exchange Commission (SEC) has taken legal action against Elon Musk, filing a lawsuit to compel his testimony in an ongoing probe regarding his acquisition of Twitter, now known as X. The SEC accuses Musk of failing to comply with a subpoena connected to his purchase of Twitter last year.
In a court filing, the SEC stated, “The SEC has followed all necessary steps to seek Musk’s testimony. With Musk’s clear refusal to comply with the SEC’s subpoena, we now request the court’s intervention to ensure Musk’s compliance.”
The Hill reached out to a spokesperson for X for comment.
The SEC initiated the investigation into Musk’s Twitter purchase in April 2022. The probe aims to determine if any individuals or entities violated federal securities laws in relation to Musk’s acquisition of Twitter stock and his corresponding statement and SEC filing.
As part of the inquiry, the SEC issued a subpoena to Musk in June, and he appeared via video conference for two half-day sessions one month later.
However, since his initial testimony, the SEC has obtained “thousands of new documents” related to the case, with hundreds produced by Musk himself, according to the lawsuit.
Despite repeated subpoenas and requests from the SEC since May, Musk has continually refused to testify, claiming scheduling conflicts and refusing to appear, as stated by the SEC.
“Musk’s ongoing refusal to comply with the SEC’s administrative subpoena is obstructing and delaying the SEC staff’s investigation into potential violations of federal securities laws. Therefore, the SEC now seeks the court’s intervention to compel Musk to provide investigative testimony,” the SEC wrote.
Updated at 4:53 pm.
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