In a long-standing battle between the U.S. Securities and Exchange Commission (SEC) and Elon Musk, the SEC has taken a significant step by subpoenaing Musk to testify regarding his alleged violation of federal securities laws in 2022. The allegations stem from Musk’s purchase of stock in Twitter, which has since been renamed X.
SEC’s Subpoena
The SEC, in a recent filing on Thursday, revealed that it had issued a subpoena to Elon Musk in May 2023. This subpoena requires Musk to provide testimony at the SEC’s San Francisco office. The move is part of the SEC’s ongoing investigation into Musk’s activities related to the Twitter takeover.
Background
The feud between Elon Musk and the SEC dates back to 2022 when Musk acquired stock in Twitter, which later underwent a significant transformation and was renamed X. The SEC is now scrutinizing whether Musk’s actions during this acquisition violated federal securities laws.
Elon Musk’s upcoming testimony is expected to shed light on the SEC’s allegations and further clarify the legal aspects of his involvement in the Twitter takeover. The outcome of this testimony could have significant implications for Musk and the ongoing SEC investigation.
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