The Securities and Exchange Commission (SEC) is suing billionaire Elon Musk to make him testify in an investigation related to his acquisition of Twitter which was completed in October 2022, according to a Thursday filing.
The SEC has sued Musk in a federal court in San Francisco to compel him to provide testimony in the commission’s investigation into the acquisition, according to the filing. Musk allegedly may have breached securities laws related to buying shares of Twitter Inc. before his acquisition of the company and the SEC is looking into his public statements and filings pertaining to the purchases.
“The SEC staff’s application seeks an order from the court directing Musk to comply with the subpoena. The application is subject to the court’s ruling,” according to the SEC’s litigation release. “The SEC staff is continuing its fact-finding investigation and, to date, has not concluded that any individual or entity has violated the federal securities laws.”
The SEC served Musk a subpoena in May but he did not attend a scheduled mandatory testimony in September in San Francisco despite agreeing to, according to the SEC.
“Two days before his scheduled testimony, Musk abruptly notified the SEC staff that he would not appear,” the filing asserts. “Musk attempted to justify his refusal to comply with the subpoena by raising, for the first time, several spurious objections, including an objection to San Francisco as an appropriate testimony location.”
X did not immediately respond to the Daily Caller News Foundation’s request for comment.
The SEC declined to comment.
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