SEC seeks to compel Elon Musk to testify

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SEC seeks to compel Elon Musk to testify

The SEC said Elon Musk is under investigation by the SEC for his $34 billion takeover of Twitter, which the agency has been seeking to compel him to testify.

The investigation involves whether Musk breached federal securities laws in response to his 2022 purchases of stock in Twitter, which Musk renamed X, as well as statements and SEC filings he made in relation to the deal.

The SEC said it subpoenaed Musk in May 2023, requiring him to provide testimony at the SEC's San Francisco office, and that Musk had agreed to appear last month. But two days before that, Musk raised'several spurious objections' and said he would not appear, the SEC said. Musk also refused SEC proposals to conduct the deposition in Texas in October or November.

Among his oppositions was that the SEC was trying to harass him and that his counsel needed time to review potentially relevant material contained in a biography of Musk published last month.

s testimony multiple times in this misguided investigation - enough is enough, said Alex Spiro, an attorney for Musk.

SEC spokesman declined to comment beyond the public filings.

Musk bought Twitter last year after acquiring a substantial minority stake in the social media platform, which he did not disclose in a timely manner.

The SEC and Musk have a long-standing feud, dating back to the tweet in 2018 that he planned to take Tesla private and had funding secured.

Musk said he was writing on X.com about the upcoming event.