SEC sues Elon Musk to force testimony in Twitter probe.
OAN’s Elizabeth Volberding
6:12 PM – Thursday, October 5, 2023
The SEC Sues Elon Musk Over Twitter Purchase
The United States Securities and Exchange Commission (SEC) has taken legal action against Elon Musk, the billionaire CEO of SpaceX, in an attempt to compel him to testify regarding his acquisition of Twitter shares last year.
The SEC alleges that Musk failed to appear in court on September 15th as required by a subpoena served to him in May 2023. The investigation is focused on potential securities fraud related to the purchase of Twitter shares while Musk was in the process of acquiring the social media platform. Musk completed the acquisition in October, rebranding it as X, in a deal worth approximately 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 explained in the complaint. “Accordingly, the SEC now asks the Court to compel Musk to appear for investigative testimony.”
The SEC claims to have made multiple attempts to arrange a meeting with Musk, offering to meet at their office in Fort Worth, Texas, which is closest to Musk’s residence in the Austin area. Proposed dates for the meeting were in October and November of this year.
“These good faith efforts were met with Musk’s blanket refusal to appear for testimony,” the lawsuit says.
Musk’s attorney, Alex Spiro, responded to the complaint by stating that the “SEC has already taken Mr. Musk’s testimony multiple times in this misguided investigation, enough is enough.”
Lawyers for the SEC have reported that Musk rejected cooperating with the subpoena due to “several spurious objections, including an objection to San Francisco as an appropriate testimony location.”
Previously, Musk did not raise any objection to that particular location.
Additionally, the SEC lawyers assert that Musk refused to comply because they thought the subpoena was an attempt by the commission to “harass” him.
Musk also cited the publication of his biography by journalist Walter Isaacson as a reason for not appearing for testimony, claiming that it might contain “new information potentially relevant to this matter.”
“The publication of Musk’s biography is not a legitimate basis for Musk to avoid compliance with a lawfully issued investigative subpoena,” the attorneys stated in the legal filing. “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, and so this objection is now moot in addition to being legally insufficient from inception.”
The SEC has clarified that its investigation is ongoing and no conclusions have been reached regarding violations of federal securities laws.
A hearing on the lawsuit is scheduled for November 9th.
Stay informed! Receive breaking news blasts directly to your inbox for free. Subscribe here. https://www.oann.com/alerts
Biden goes Full MAGA by Building the Wall while things get dicey in Syria.
45th President Donald Trump brought in more than 45-million-dollars to close out the third quarter out-pacing all of his primary competition.
45th President Donald Trump says Joe Biden is breaking every environmental law to prove him right.
Georgia Congressman Mike Collins laments that quote “it just wasn’t the right time” to oust Kevin McCarthy from the speakership.
Billionaire Elon Musk is under investigation by the U.S. Securities and Exchange Commission over his 2022 purchase of social media giant Twitter
A former executive at Samsung Electronics’ venture capital arm faced pushback due to pressure from Google.
Sam Bankman-Fried’s college roommate and ex-colleague at FTX took the stand at the former billionaire’s fraud trial on Thursday.
Meta is planning to lay off employees on Wednesday in the unit of its metaverse-oriented Reality Labs division focused on creating custom silicon
rnrn
Why did Elon Musk fail to appear in court as required by a subpoena served to him by the SEC?
The SEC Sues Elon Musk Over Twitter Purchase
The United States Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, the CEO of SpaceX, in an effort to force him to testify about his acquisition of Twitter shares last year.
According to the SEC, Musk failed to appear in court on September 15th as required by a subpoena served to him in May 2023. The investigation focuses on potential securities fraud related to the purchase of Twitter shares during Musk’s acquisition of the social media platform. Musk completed the acquisition in October, renaming it X, in a deal worth approximately $44 billion.
In the complaint, the SEC’s attorneys explained, “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. Accordingly, the SEC now asks the Court to compel Musk to appear for investigative testimony.”
The SEC claims to have made multiple attempts to arrange a meeting with Musk, offering to meet at their office in Fort Worth, Texas, which is closest to Musk’s residence in the Austin area. Proposed dates for the meeting were in October and November of this year.
“These good faith efforts were met with Musk’s blanket refusal to appear for testimony,” the lawsuit says.
Musk’s attorney, Alex Spiro, responded to the complaint by stating that the “SEC has already taken Mr. Musk’s testimony multiple times in this misguided investigation, enough is enough.”
Lawyers for the SEC have reported that Musk rejected cooperating with the subpoena due to “several spurious objections, including an objection to San Francisco as an appropriate testimony location.” However, Musk did not raise any objection to that particular location previously.
Additionally, the SEC lawyers assert that Musk refused to comply because they believed the subpoena was an attempt to harass him. Musk also cited the publication of his biography by journalist Walter Isaacson as a reason for not appearing for testimony, claiming that it might contain “new information potentially relevant to this matter.”
“The publication of Musk’s biography is not a legitimate basis for Musk to avoid compliance with a lawfully issued investigative subpoena,” the attorneys stated in the legal filing. “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, and so this objection is now moot in addition to being legally insufficient from inception.”
The SEC has clarified that its investigation is ongoing and no conclusions have been reached regarding violations of federal securities laws.
A hearing on the lawsuit is scheduled for November.
" Conservative News Daily does not always share or support the views and opinions expressed here; they are just those of the writer."
*As an Amazon Associate I earn from qualifying purchases
Now loading...