Musk agrees to testify in SEC Twitter probe

Elon Musk has agreed to testify before the Securities and Exchange Commission (SEC) in its investigation into the 2022 purchase of Twitter, now known as X, after a months-long legal battle.

The billionaire technology mogul will not testify at one of the agency’s offices for a maximum of five hours, according to a statement released Thursday. judicial filing.

The SEC sued Musk last October to compel him to testify while investigating whether any federal security laws had been violated in connection with Musk’s 2022 purchase of Twitter shares and his statements and SEC filings related to the media company Social.

Musk initially attended two half-day sessions with the SEC in 2022. A year later, the agency asked him to attend another session, but Musk refused to attend, sparking the latest legal battle.

A judge ruled in February that Musk should take the stand, but she referred the matter to a district judge after he questioned her jurisdiction. District Judge Jacqueline Scott Corley upheld the earlier ruling this month, ordering Musk to testify.

Musk argued that the SEC’s latest testimony requirement was unreasonable, after having spoken twice with the agency. However, Corley dismissed this argument as “unconvincing,” noting that the SEC received “thousands of new documents” after the first two sessions.

She also rejected Musk’s argument that the agency’s senior counsel did not have the authority to issue the subpoena requesting his testimony.

Musk, who has a long and difficult history with the SEC, suffered another legal setback last month when the Supreme Court refused to hear his challenge to a 2018 settlement with the agency that requires lawyers to approve some of his public posts. about Tesla.

This story originally appeared on thehill.com read the full story