Please ensure Javascript is enabled for purposes of website accessibility
Judge Orders Elon Musk to Testify in SEC Probe of His $44 Billion Twitter Takeover
gvw_ap_news
By Associated Press
Published 11 months ago on
February 13, 2024

Share

Getting your Trinity Audio player ready...

Judge orders Elon Musk to testify in SEC probe.

Investigation is into Musk’s $44 billion Twitter purchase.

Musk has already testified twice in the case.


SAN FRANCISCO — A judge has ordered Elon Musk to testify for a third time as part of the Securities and Exchange Commission’s investigation into his $44 billion purchase of Twitter, now called X, in 2022.

Magistrate Judge Laurel Beeler issued an order Saturday giving Musk, his team and the SEC a week to agree on a date and location for Musk’s testimony. In a court hearing last December, Beeler said she would issue an order if the two sides couldn’t agree on when and where the Tesla and SpaceX CEO would testify.

Resistance to Subpoena

“The parties, at least initially, agreed to a date but ultimately the respondent did not appear and resists the subpoena on the grounds that the SEC’s investigation is baseless and harassing and seeks irrelevant information,” Beeler wrote in the order in federal court in Northern California.

“Also, he contends that the subpoena — issued by an SEC staff member appointed by the SEC’s Director of Enforcement — exceeds the SEC’s authority because it was not issued by an officer appointed by the President, a court, or the head of a department,” as required by the U.S. Constitution, she added.

Beeler said, however, that the court is enforcing the SEC’s subpoena and that the testimony is “not unduly burdensome” for Musk. The SEC had given Musk the option to testify in Texas, where he lives.

SEC Investigation

The SEC has been conducting a fact-finding investigation into the period before Musk’s Twitter takeover, when the San Francisco-based social media company was still publicly traded. The agency said it has not concluded any federal securities laws were violated.

Musk has already testified in the case twice. But since then, according to the judge’s order, the SEC has received “thousands of new documents” from various parties, including hundreds of documents from Musk.

He closed his $44 billion agreement to buy Twitter and take it private in October 2022, after a monthslong legal battle with the social media company’s previous leadership.

Twitter Acquisition

After signing a deal to acquire Twitter in April 2022, Musk tried to back out of it, leading the company to sue him to force him to go through with the acquisition.

The SEC and a lawyer for Musk did not immediately respond to messages seeking comment on Monday.

RELATED TOPICS:

DON'T MISS

Fresno State Gets a Running Back HS Recruit, Transfer, and Gilliam Returns in One Weekend

DON'T MISS

Amazon Will Stream Melania Trump Documentary by Director Bruce Ratner

DON'T MISS

No Curry? No Problem for Warriors in Win Over Grizzlies

DON'T MISS

Israel Helps Former Soldier Flee Brazil Over Probe of Alleged Gaza War Crimes

DON'T MISS

Crawford Excels, but Bulldogs Remain Winless in MW With Loss at Utah State

DON'T MISS

Higher Social Security Payments Coming for Millions of Americans

DON'T MISS

With a Nod to Her Mentor Shirley Chisholm, Rep. Barbara Lee Exits Congress as a Renegade Herself

DON'T MISS

EV Demand Leads Automakers to Strong 2024 Finish

DON'T MISS

Why 2025 Will Be a Pivotal Year for Mayor Karen Bass and LA

DON'T MISS

From Georgia to Washington, Memorials Trace Jimmy Carter’s Life

UP NEXT

No Curry? No Problem for Warriors in Win Over Grizzlies

UP NEXT

Israel Helps Former Soldier Flee Brazil Over Probe of Alleged Gaza War Crimes

UP NEXT

Crawford Excels, but Bulldogs Remain Winless in MW With Loss at Utah State

UP NEXT

Higher Social Security Payments Coming for Millions of Americans

UP NEXT

With a Nod to Her Mentor Shirley Chisholm, Rep. Barbara Lee Exits Congress as a Renegade Herself

UP NEXT

EV Demand Leads Automakers to Strong 2024 Finish

UP NEXT

Why 2025 Will Be a Pivotal Year for Mayor Karen Bass and LA

UP NEXT

From Georgia to Washington, Memorials Trace Jimmy Carter’s Life

UP NEXT

Is Your Car Spying on You? What It Means That Tesla Shared Data in Las Vegas Explosion

UP NEXT

Can California Keep ICE Away from Schools? Lawmakers Want to Try as Crackdowns Loom

Israel Helps Former Soldier Flee Brazil Over Probe of Alleged Gaza War Crimes

5 hours ago

Crawford Excels, but Bulldogs Remain Winless in MW With Loss at Utah State

5 hours ago

Higher Social Security Payments Coming for Millions of Americans

6 hours ago

With a Nod to Her Mentor Shirley Chisholm, Rep. Barbara Lee Exits Congress as a Renegade Herself

10 hours ago

EV Demand Leads Automakers to Strong 2024 Finish

11 hours ago

Why 2025 Will Be a Pivotal Year for Mayor Karen Bass and LA

12 hours ago

From Georgia to Washington, Memorials Trace Jimmy Carter’s Life

23 hours ago

Is Your Car Spying on You? What It Means That Tesla Shared Data in Las Vegas Explosion

24 hours ago

Can California Keep ICE Away from Schools? Lawmakers Want to Try as Crackdowns Loom

1 day ago

Elon Musk Announces Algorithm Change to Reduce Negativity on X

1 day ago

Fresno State Gets a Running Back HS Recruit, Transfer, and Gilliam Returns in One Weekend

In one weekend, the Fresno State football team retrieves senior running back Elijah Gilliam from the transfer portal and sign a high school ...

11 minutes ago

11 minutes ago

Fresno State Gets a Running Back HS Recruit, Transfer, and Gilliam Returns in One Weekend

Photo of First Lady Melania Trump
5 hours ago

Amazon Will Stream Melania Trump Documentary by Director Bruce Ratner

5 hours ago

No Curry? No Problem for Warriors in Win Over Grizzlies

Palestinian mourners Jan. 5, 2024
5 hours ago

Israel Helps Former Soldier Flee Brazil Over Probe of Alleged Gaza War Crimes

Fresno State forward Alex Crawford
5 hours ago

Crawford Excels, but Bulldogs Remain Winless in MW With Loss at Utah State

Social Security Headquarters
6 hours ago

Higher Social Security Payments Coming for Millions of Americans

10 hours ago

With a Nod to Her Mentor Shirley Chisholm, Rep. Barbara Lee Exits Congress as a Renegade Herself

11 hours ago

EV Demand Leads Automakers to Strong 2024 Finish

Help continue the work that gets you the news that matters most.

Search

Send this to a friend