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Elon Musk ordered to testify in SEC’s Twitter takeover probe
https://www.whatjobs.com/news/usa/us-business-news/elon-musk-ordered-to-testify-in-secs-twitter-takeover-probe
By Nithya Bose in Business News, posted February 13, 2024
A judge has ordered Elon Musk to give testimony in a federal investigation over his purchase of Twitter in 2022.
The US Securities and Exchange Commission is looking into whether Musk and others committed securities fraud in 2022.
During that time, Musk began acquiring Twitter stock and building a stake ahead of his buyout.
Musk acquired Twitter in a deal valued at approximately $44 billion in October 2022, renaming it X.
Federal Magistrate Judge Laurel Beeler issued the order on February 10, 2024.
The order follows Musk and his legal team's argument that the SEC's subpoena constituted harassment.
Judge Beeler, however, ruled the SEC was acting within its legal rights.
She said the subpoena sought relevant information for the ongoing investigation.
Musk and the SEC must now agree on a time and place for his deposition within a week.
Neither Musk nor his attorney, Alex Spiro, has publicly responded to the judge's order.
The SEC has also kept quiet, choosing not to comment beyond its public filings.
Musk has a history of challenging federal regulatory bodies.
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He has petitioned the US Supreme Court to overturn a previous settlement with the SEC.
The settlement mandates the pre-approval of his tweets concerning Tesla by a designated overseer, claiming it infringes on his free speech rights.
Musk's company, SpaceX, recently sued the National Labor Relations Board (NLRB).
It follows a complaint from the agency accusing SpaceX of unlawfully dismissing employees who criticized Musk.
SpaceX's lawsuit claims the NLRB's structure is unconstitutional, mirroring arguments in a similar case involving a former Starbucks employee.
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