Court orders Elon Musk to testify in SEC inquiry over Twitter acquisition

1 week ago

Elon Musk has been compelled to attest successful a US Securities and Exchange Commission (SEC) enquiry regarding his acquisition of societal media level Twitter, present rebranded arsenic X, arsenic per a tribunal filing.

Judge Laurel Beeler upheld the SEC’s authorization successful the matter, affirming that the subpoena aimed to stitchery pertinent accusation for the investigation.

“The tribunal grants the SEC’s question to enforce the subpoena: it seeks applicable information, and it is different valid,” the justice wrote.

The SEC and Musk indispensable hold connected a day and determination for his grounds wrong a week.

Last year, the SEC initiated ineligible action against Musk for failing to comply with a subpoena that had been served since May. The regulator was investigating imaginable securities fraud related to Musk’s actions successful 2022, peculiarly his banal purchases and accumulation of a involvement successful Twitter earlier the leveraged buyout.

At the time, the SEC said it needed Musk’s grounds to get accusation applicable to its morganatic and lawful investigation.

However, Musk criticized the SEC’s subpoena arsenic harassment and advocated for a broad betterment of regulatory agencies.

“A broad overhaul of [regulatory] agencies is sorely needed, on with a committee to instrumentality punitive enactment against those individuals who person abused their regulatory powerfulness for idiosyncratic and governmental summation … can’t hold for this to happen,” Musk said.

Musk finalized the acquisition of Twitter successful October 2022 for astir $44 billion. Subsequently, helium introduced assorted features intending to reshape the level into a multifunctional “everything app.”

Earlier announcements hinted astatine the motorboat of a peer-to-peer (P2P) outgo strategy this year, though it remains unclear whether crypto volition beryllium progressive successful these developments.

The station Court orders Elon Musk to attest successful SEC enquiry implicit Twitter acquisition appeared archetypal connected CryptoSlate.

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