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Baystreet Staf - Monday, February 12, 2024
Elon Musk Ordered To Testify In SEC's Twitter Probe A U.S. judge has ordered Tesla (TSLA) chief executive officer (CEO) Elon Musk to testify in a probe by the U.S. Securities and Exchange Commission (SEC) into his acquisition of social media platform Twitter.
The SEC is investigating whether Musk committed securities fraud in 2022 as he began buying stock in Twitter ahead of his leveraged buyout of the social media company, which he has subsequently taken private.
Musk ended up buying Twitter in October 2022 for $44 billion U.S and has rebranded the company as X.
Musk had sought to duck the SEC investigation. However, federal judge Laurel Beeler wrote in a decision that Musk must comply with a subpoena issued by the Wall Street regulator and testify concerning his purchase of Twitter stock.
The SEC and Musk now have one week to set a date and location for his testimony in the matter.
This is the latest in a series of battles between Musk and the SEC. In a previous lawsuit involving Tesla, the SEC ordered that Muck must have any tweets he sends out about the electric vehicle maker approved by a third-party.
Twitter is now privately held and its stock does not trade on a public exchange. However, Tesla's stock has declined 22% so far in 2024 and now trades at $193.57 U.S. per share.
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