The SEC mentioned Musk failed to seem for testimony as required by means of a May subpoena.
The Securities and Exchange Commission on Thursday sought to force Elon Musk to take a seat for a deposition as a part of an ongoing investigation about his purchase of Twitter, now referred to as X.
The SEC mentioned Musk failed to seem for testimony as required by means of a May subpoena in spite of agreeing to display up final month on the SEC’s place of job in San Francisco.
In this June 16, 2023, report photograph, Elon Musk, Chief Executive Officer of SpaceX and Tesla and proprietor of Twitter, attends a convention in Paris.
Gonzalo Fuentes/Reuters, FILE
Musk waited till two days earlier than the scheduled date to notify the SEC he would now not seem, regulators mentioned. They’re now in quest of a courtroom order to force Musk to comply.
Musk obtained the social media web page in October 2022 for more or less $44 billion.
The testimony subpoena comes to an ongoing investigation by means of the SEC into “potential violations of various provisions of the federal securities laws” referring to Musk’s purchase, in addition to statements he made final 12 months and SEC filings similar to Twitter, the SEC said in a press release.
“[The] SEC seeks Musk’s testimony to obtain information not already in the SEC’s possession that is relevant to its legitimate and lawful investigation,” the click liberate mentioned, noting the SEC personnel to date have now not made up our minds that someone or entity has violated federal securities regulations.
In reaction to a post on X concerning the SEC’s courtroom order and different govt investigations into his corporations, Musk mentioned a “comprehensive overhaul of these agencies is sorely needed, along with a commission to take punitive action against those individuals who have abused their regulatory power for personal and political gain.”
“Can’t wait for this to happen,” he added.
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