Elon Musk says 'enough is enough' in SEC probe into Twitter deal

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Elon Musk says 'enough is enough' in SEC probe into Twitter deal

Musk's lawyer, Alex Spiro, said in an emailed statement that the s testimony multiple times in this misguided investigation - enough is enough.

The SEC said Musk failed to appear for testimony on September 15 despite an investigation subpoena served by the SEC and having raised no objections at the time it was served.

The SEC said it has been conducting a fact-finding investigation of the period before Musk's takeover last year when Twitter was still a publicly traded company. The agency has said it has not concluded that anyone has violated federal securities laws.

Tesla's CEO, Tesla, closed his US$44 billion deal to buy Twitter in October 2022, after a months-long legal battle with the social media company's previous leadership.

By April 2022, when Musk signed a deal to buy Twitter, he tried to back out of the deal, causing the company to accuse him of threatening to get the company back into the business.

The SEC said that beginning in April 2022, it began an investigation into whether any securities laws were broken in connection with Musk's Twitter stock purchases and his statements and SEC filings related to the company.

A lawsuit filed by Twitter shareholders in New York alleged that the billionaire illegally delayed disclosing his share of the social media company so that he could buy more shares at lower prices.

That complaint brought by a pension fund for Oklahoma firefighters centres centres revolves around whether Musk violated an SEC regulatory deadline to reveal that he had accumulated a stake of at least 5 percent. The lawsuit alleges that the delay, which came in the almost two weeks before Musk acknowledged holding a significant position, hurt less wealthy investors who sold shares in the company.

Last week, US District Judge Andrew Carter declined Musk's bid to dismiss the case, expressing reservations about suggestions that too busy' to comply with SEC Disclosure rules about his ownership of Twitter, while simultaneously buying millions of shares of Twitter, tweeting about the state of Twitter as a social media platform and meeting with several Twitter executives and insiders. However, Carter did dismiss part of the suit alleging that the actions amounted to insider trading.

The SEC's filing on Thursday doesn't detail the specifics of what its investigation is about, but argues that the agency is responsible for protecting investors and has broad authority to conduct investigations and that Musk has no basis to refuse to comply.

The SEC said Musk didn't live there, so the SEC offered to do it at any of its 11 offices, including one in Fort Worth, Texas, closer to where Musk lives. On September 24, the SEC said Musk's lawyers answered by saying Musk would not appear for testimony in any location.

On September 12th, Musk argued that a biography published by Walter Isaacson on him contained new information potentially relevant to this matter, and that his lawyers needed time to review it. But the filing says the book's release is not a legitimate basis for Musk to avoid a legal subpoena and in any event, Musk's initial refusal to comply with the subpoena has now presented his counsel with plenty of time to review the biography for any relevant information.

The hearing on the issue is tentatively scheduled for November 9 in San Francisco.