Elon Musk is sued for taking over Twitter for $44 billion
On October 5, the US Securities and Exchange Commission (SEC) filed a lawsuit against Elon Musk to force him to testify in an investigation into his $44 billion acquisition of Twitter.
The investigation is looking into whether Musk violated federal securities laws in 2022 when he bought shares in Twitter, which he later renamed X, as well as in statements and documents he made about the case. In a statement, the U.S. Securities and Exchange Commission (SEC) said it was “seeking Musk to obtain information not already in the SEC’s possession that is relevant to the investigation.”
The SEC reports that it summoned Musk in May 2023, requiring him to testify at its San Francisco office, and that Musk agreed to appear on September 15. But two days before, Musk raised “several false denials” and said that the SEC had informed him that he would not appear. Musk refused the SEC’s offer to hold a deposit in Texas in October or November. He says that the SEC tried to “harass” him, and his lawyer needed time to review potentially relevant materials contained in Musk’s biography.
According to the statement, Musk provided the SEC with documents related to the investigation and previously testified last July via video conference.
“The SEC has already taken Mr. Musk’s testimony multiple times in this misguided investigation – enough is enough,” Alex Spiro, Musk’s lawyer, said in a statement.
