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The U.S. Securities and Exchange Commission has sued Elon Musk in an effort to compel the billionaire to testify over the purchase of Twitter.
Attorneys representing the SEC alleged in a complaint filed on Thursday in the Northern District of California that Musk failed to appear for a September 15 testimony as required by a subpoena, which the attorneys said was served to the Tesla chief in May 2023.
Broadly, the SEC said the investigation is tied to whether anyone committed securities fraud in purchasing Twitter shares last year as Musk was buying stock in the company. Musk purchased Twitter, now known as X, last fall in a deal worth roughly $44 billion.
“Musk’s ongoing refusal to comply with the SEC’s administrative subpoena is hindering and delaying the SEC staff’s investigation to determine whether violations of the federal securities laws have occurred,” the attorneys wrote in the complaint. “Accordingly, the SEC now asks the Court to compel Musk to appear for investigative testimony.”
The SEC said it tried to find an agreeable time and place to meet with Musk, including offering to meet him at the agency’s office in Fort Worth, Texas, “the closest SEC office to Musk’s current personal residence” in the Austin area. Multiple dates were proposed for October and November of this year.
“These good faith efforts were met with Musk’s blanket refusal to appear for testimony,” the suit says.
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