Friday, March 1, 2024

US judge orders Musk to respond to regulators in X/Twitter investigation

A US judge has ordered Elon Musk to comply with a subpoena to answer questions from regulators about his purchase of Twitter shares last year.

The order comes as Musk, who has increased his stake in Twitter – today according to court documents.

“The court granted the SEC’s request to enforce the subpoena,” said California Judge Laurel Beeler’s decision, published on Saturday and seen by AFP.

The billionaire and the SEC now have a week to agree on a time and place for Musk’s testimony, he added.

The SEC investigation concerns all of Musk’s Twitter stock purchases in 2022 as well as his statements and filings with market regulators, according to court documents.

Musk took part in two mid-day depositions in July before the SEC, telling the court that it had received “thousands of documents” that raised questions it wanted answered.

Musk’s objections to the latest statement include an accusation that the SEC is using its power to “harass him,” the Commission said in its complaint.

“The SEC has taken Mr. Musk’s testimony several times in this botched investigation — enough,” Alex Spiro, Musk’s lawyer, said in response to an AFP request for comment.

Musk’s role in the social network has been marked by many controversies and provoked various legal actions by investors, former employees and companies with contracts with Twitter.

World Nation News Desk
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