US Magistrate Judge Orders Elon Musk to Testify in SEC Probe of Twitter Acquisition
US Magistrate Judge Laurel Beeler has ordered Tesla CEO Elon Musk to testify in the US Securities and Exchange Commission’s (SEC) probe of his acquisition of social media platform Twitter, which was later rebranded to X.
Musk Ordered to Testify in SEC Probe of Twitter Acquisition
US Magistrate Judge Laurel Beeler has issued an order requiring Tesla CEO Elon Musk to provide testimony in an ongoing investigation by the US Securities and Exchange Commission (SEC) into his acquisition of social media platform Twitter, which has since been rebranded as X.
According to the court ruling, Musk and the SEC have been given a week to agree on a date and location for the CEO's testimony. This comes after Musk previously refused to attend an interview scheduled for September.
Judge Beeler referenced Musk's refusal to comply with the interview in the order, stating that although both parties had initially agreed to the meeting, Musk did not appear. The CEO claimed the SEC's investigation was baseless and harassing, and that it sought irrelevant information.
SEC Seeks Testimony on Musk's Acquisition and Filing of Twitter Stock
The SEC has filed a legal action against Elon Musk to compel him to testify in their investigation into his $44 billion acquisition of X, formerly known as Twitter. The agency is also looking to determine whether Musk followed the law when filing paperwork related to his purchases of Twitter stock.
Musk's legal team argued that the CEO had already been interviewed twice by the SEC, and accused the regulator of harassment. However, Judge Beeler rejected these claims, affirming that the SEC had the authority to issue a subpoena for relevant information.
"The court enforces the subpoena: the evidence is relevant and material to the SEC's investigation, and the testimony is not unduly burdensome. As to the argument that the subpoena exceeds the SEC's authority, the Exchange Act authorizes the subpoena, and the staff attorneys who issue subpoenas are not inferior officers subject to the Appointments Clause," explained Judge Beeler.
Judge's Order and Contact Information
The order issued by Judge Laurel Beeler can be viewed below.
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