Elon Musk finally agrees to testify in the SEC’s Twitter investigation

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Elon Musk in front of the Twitter logo.
Illustration by Kristen Radtke / The Verge; Getty Images

Elon Musk has agreed to testify in the Securities and Exchange Commission’s investigation into his $44 billion acquisition of Twitter. A legal document filed on Thursday shows that Musk waived his right to appeal a court order that requires him to testify.

This means Musk will have to appear at one of the SEC’s offices for an up to five-hour interview. The document says Musk and the SEC have already agreed to a date, but it’s not disclosed “for confidentiality purposes.”

In 2022, the SEC opened an investigation into Musk’s failure to properly disclose his stake in Twitter. But the SEC filed a lawsuit against Musk last October after he refused to testify in the agency’s probe. The SEC claims Musk “abruptly notified the SEC staff that he would not appear” two days before his scheduled deposition and refused to testify at a later date. Earlier this year, the SEC accused Musk of trying to delay the investigation.

Musk has butted heads with the SEC several times in the past, accusing the agency of “unrelenting” harassment and of stifling his free speech.



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Elon Musk finally agrees to testify in the SEC’s Twitter investigation


Elon Musk in front of the Twitter logo.
Illustration by Kristen Radtke / The Verge; Getty Images

Elon Musk has agreed to testify in the Securities and Exchange Commission’s investigation into his $44 billion acquisition of Twitter. A legal document filed on Thursday shows that Musk waived his right to appeal a court order that requires him to testify.

This means Musk will have to appear at one of the SEC’s offices for an up to five-hour interview. The document says Musk and the SEC have already agreed to a date, but it’s not disclosed “for confidentiality purposes.”

In 2022, the SEC opened an investigation into Musk’s failure to properly disclose his stake in Twitter. But the SEC filed a lawsuit against Musk last October after he refused to testify in the agency’s probe. The SEC claims Musk “abruptly notified the SEC staff that he would not appear” two days before his scheduled deposition and refused to testify at a later date. Earlier this year, the SEC accused Musk of trying to delay the investigation.

Musk has butted heads with the SEC several times in the past, accusing the agency of “unrelenting” harassment and of stifling his free speech.



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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