In a follow-up to a preliminary ruling handed down in December, a federal judge has ordered Elon Musk to comply with a subpoena from the U.S. Securities and Exchange Commission (SEC) and testify again in the Twitter takeover investigation. Reuters I will report. According to an order filed in a California court on Saturday night, Musk and the SEC now have one week to decide on a time and location for his court appearance, or they will decide otherwise. It turns out. The SEC has been investigating Musk’s acquisition of Twitter Inc. (now Company X) since 2022 due to concerns about Musk’s delay in disclosing his shares in Twitter.
The order comes after the SEC filed a lawsuit against Musk after he failed to appear to testify in September and later refused to appear for a rescheduled interview. After Musk tried to challenge the subpoena, U.S. Magistrate Judge Laurel Beeler sided with the SEC, but said Musk had already been questioned twice and the subpoena provided irrelevant information. They claim that this is harassment. However, the SEC said it has obtained new documents related to this investigation and has further questions for X’s owners. Musk also argued that the subpoena exceeded the SEC’s authority because it was issued by an official appointed by the SEC’s Director of Enforcement. Mr. Boehler denied these claims and ruled that the subpoenas were valid.
