Musk SEC Subpoena
FILE - Tesla and SpaceX's CEO Elon Musk speaks during an interview with Ben Shapiro at the European Jewish Association's conference, in Krakow, Poland, Monday, Jan. 22, 2024. A judge has ordered Musk Saturday, Feb. 10, 2024, to testify as part of the Securities and Exchange Commission's investigation into his $44 billion purchase of Twitter, now called X, in 2022. (AP Photo/Czarek Sokolowski, File)
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Judge orders Musk to testify in SEC probe of his $44 billion Twitter takeover in 2022

8 Comments

A judge has ordered Elon Musk to testify for a third time as part of the Securities and Exchange Commission’s investigation into his $44 billion purchase of Twitter, now called X, in 2022.

Magistrate Judge Laurel Beeler issued an order Saturday giving Musk, his team and the SEC a week to agree on a date and location for Musk’s testimony. In a court hearing last December, Beeler said she would issue an order if the two sides couldn't agree on when and where the Tesla and SpaceX CEO would testify.

“The parties, at least initially, agreed to a date but ultimately the respondent did not appear and resists the subpoena on the grounds that the SEC’s investigation is baseless and harassing and seeks irrelevant information,” Beeler wrote in the order in federal court in Northern California.

“Also, he contends that the subpoena — issued by an SEC staff member appointed by the SEC’s Director of Enforcement — exceeds the SEC’s authority because it was not issued by an officer appointed by the President, a court, or the head of a department,” as required by the U.S. Constitution, she added.

Beeler said, however, that the court is enforcing the SEC's subpoena and that the testimony is “not unduly burdensome” for Musk. The SEC had given Musk the option to testify in Texas, where he lives.

The SEC has been conducting a fact-finding investigation into the period before Musk’s Twitter takeover, when the San Francisco-based social media company was still publicly traded. The agency said it has not concluded any federal securities laws were violated.

Musk has already testified in the case twice. But since then, according to the judge's order, the SEC has received “thousands of new documents” from various parties, including hundreds of documents from Musk.

He closed his $44 billion agreement to buy Twitter and take it private in October 2022, after a monthslong legal battle with the social media company’s previous leadership.

After signing a deal to acquire Twitter in April 2022, Musk tried to back out of it, leading the company to sue him to force him to go through with the acquisition.

The SEC and a lawyer for Musk did not immediately respond to messages seeking comment on Monday.

© Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

©2024 GPlusMedia Inc.

8 Comments
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From the point of view of acquiring Twitter as a profit justified business move it seems much more trouble than necessary, but looking at it as Musk imposing his views (and of those he agrees with) for a huge audience it may make sense, just not exactly the smartest business move.

1 ( +4 / -3 )

Back to Twitter..

X sucks..

-1 ( +4 / -5 )

More Biden Admin DOJ election risk mgmt. clearly concerned about Musk & X's upcoming election influence!

-1 ( +5 / -6 )

Back to Twitter.. 

X sucks..

And what going back to silencing of conservatives, again? No thank you!

-3 ( +2 / -5 )

@bass4funk, it's just a name. Personally, I think 'X' makes it sound pornographic. And I wouldn't know about Twitter's 'silencing of conservatives'; I've never used it and have a mild disdain for people who think it's necessary for a satisfying life. But that's just me.

1 ( +1 / -0 )

As a lefff..tist and anti group of making America great.. ( Democrats and their baking groups .. we want to see weak America and Make China Great Again not MAGA it is MCGA) really do not like loosing twitter to a person who do not act for us or our goal. So my lefff..tist friends lets work hard to defeat Musk...

-2 ( +0 / -2 )

X is big media competition, most American's like, trust and respect Mr. Musk. His media disruption with X creates more transparency and accountability for ALL

Musk is a brilliant man in some ways but Twitter is sinking.

It is becoming a more and more a cesspit of pathologically dishonest and transparent sock puppets and other assorted trash and dregs. Useless people.

The football threads can be good though. Some of the parody accounts are funny

1 ( +1 / -0 )

JimizoFeb. 14  03:42 pm JST

X is big media competition, most American's like, trust and respect Mr. Musk. His media disruption with X creates more transparency and accountability for ALL

Musk is a brilliant man in some ways but Twitter is sinking.

It is becoming a more and more a cesspit of pathologically dishonest and transparent sock puppets and other assorted trash and dregs. Useless people.

Since Muskrat bought it users have left it in droves. The accounts of trash-talking traitor trump and that Jew-hater Ye were restored and some neo-Nazi posts have been allowed there.

That's the Muskrat for ya. I wouldn't want anything to do with him.

1 ( +1 / -0 )

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