A judge has ordered Elon Musk to testify for a third time as part of the Securities and Exchange Commission\u2019s investigation into his $44 billion purchase of Twitter, now called X, in 2022.<\/p>\n
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\u2019s testimony. In a court hearing last December, Beeler said she would issue an order if the two sides couldn\u2019t agree on when and where the Tesla and SpaceX CEO would testify.<\/p>\n
\u201cThe 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\u2019s investigation is baseless and harassing and seeks irrelevant information,\u201d Beeler wrote in the order in federal court in Northern California.<\/p>\n
\u201cAlso, he contends that the subpoena \u2014 issued by an SEC staff member appointed by the SEC\u2019s Director of Enforcement \u2014 exceeds the SEC\u2019s authority because it was not issued by an officer appointed by the President, a court, or the head of a department,\u201d as required by the U.S. Constitution, she added.<\/p>\n
Beeler said, however, that the court is enforcing the SEC\u2019s subpoena and that the testimony is \u201cnot unduly burdensome\u201d for Musk. The SEC had given Musk the option to testify in Texas, where he lives.<\/p>\n
The SEC has been conducting a fact-finding investigation into the period before Musk\u2019s 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.<\/p>\n
Musk has already testified in the case twice. But since then, according to the judge\u2019s order, the SEC has received \u201cthousands of new documents\u201d from various parties, including hundreds of documents from Musk.<\/p>\n
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\u2019s previous leadership.<\/p>\n
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.<\/p>\n
The SEC and a lawyer for Musk did not immediately respond to messages seeking comment on Monday.<\/p>\n","protected":false},"excerpt":{"rendered":"
A judge has ordered Elon Musk to testify for a third time as part of the Securities and Exchange Commission\u2019s 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\u2019s testimony. In a court hearing last December, Beeler said she would issue an order if the two sides couldn\u2019t agree on when and where the Tesla and SpaceX CEO would testify. \u201cThe parties, at least initially, agreed to a date but […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-800889","post","type-post","status-publish","format-standard","hentry","category-it-2"],"acf":[],"_links":{"self":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/800889","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/comments?post=800889"}],"version-history":[{"count":0,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/800889\/revisions"}],"wp:attachment":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/media?parent=800889"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/categories?post=800889"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/tags?post=800889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}