Billionaire entrepreneur Elon Musk is currently facing investigation by the Securities and Exchange Commission (SEC) regarding his acquisition of social media giant Twitter, which was valued at $44 billion. A court filing on Thursday revealed that the SEC is seeking to compel Musk to testify in relation to potential violations of federal securities laws concerning his purchases of Twitter stock in 2022 and his statements and SEC filings related to the deal. The SEC had issued a subpoena to Musk in May 2023, requesting his testimony at their San Francisco office. Musk initially agreed to appear, but two days before the scheduled date, he raised objections and informed the SEC that he would not be testifying. He also declined the SEC’s proposals to hold the deposition in Texas at a later date. Some of Musk’s objections included claims of harassment by the SEC and the need for his counsel to review relevant material from a recently published biography. According to Alex Spiro, Musk’s attorney, the SEC has already questioned Musk multiple times in this ongoing investigation. However, the SEC maintains that there is still information crucial to their lawful investigation that they do not possess and seek to obtain through Musk’s testimony. Musk’s acquisition of Twitter in 2022 raised concerns as he allegedly failed to disclose his stake in the company in a timely manner. The SEC and Musk have a history of conflicts, dating back to Musk’s tweet in 2018 wherein he announced his intention to take Tesla private with secured funding. In a recent statement on his renamed social media platform X, Musk called for a comprehensive overhaul of regulatory agencies and the establishment of a commission to address abuses of regulatory power for personal and political gain.
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