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Elon Musk Must Appear Before The Securities And Exchange Commission

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Elon Musk Must Appear Before The Securities And Exchange Commission

(CTN News) – According to a federal judge, Elon Musk is required to testify again during the inquiry by the Securities and Exchange Commission into his $44 billion takeover of Twitter, giving the regulator and the billionaire a week to determine a date and location for the testimony.

The order from U.S. Magistrate Judge Laurel Beeler, issued on Saturday night, formalized a tentative ruling she issued in December that sided with the regulator.

Tesla and SpaceX CEO Elon Musk was sued by the Securities and Exchange Commission in October in connection with an investigation into his purchase of Twitter in 2022, which he then renamed X. A SEC report stated that Elon Musk did not attend an interview conducted in September as part of the investigation.

As part of its investigation, the agency is examining whether Elon Musk followed the law when he filed the necessary paperwork regarding his purchase of Twitter stock, and whether his statements regarding the transaction were misleading.

As a result, Elon Musk has fought the SEC’s attempt to interview him, claiming it has already interviewed him twice, and has accused it of harassment.

The argument presented by Beeler was rejected. According to her ruling, the SEC had the authority to issue the subpoena seeking relevant information.

In the event that the SEC and Elon Musk cannot agree on a date and time for the interview, Beeler said that she would listen to both sides and make the decision for them.

As a result of Elon Musk tweet,

“Funding secured,” in 2018 in reference to a potential plan to take Tesla private, friction between Musk and the SEC began to develop.

In order to resolve that dispute, Elon Musk agreed to have a Tesla lawyer review his tweets about the electric vehicle manufacturer. He was sued by the Securities and Exchange Commission again in 2019 for allegedly breaching that provision.

The company has asked the U.S. High Court to review the agreement, asserting that it violates his constitutional right to freedom of expression.

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