The Securities and Exchange Commission (SEC), which, like the Italian CONSOB, oversees the stock market in the USA, has sued the current owner of X (formerly Twitter) Elon Musk because the entrepreneur made the statement as part of an investigation into his purchase of Twitter in 2022. According to the SEC complaint, the agency served Musk a subpoena related to a non-public investigation the SEC has been conducting for months into the possibility that Musk violated domestic securities laws by purchasing Twitter in 2022 , without making required SEC filings within a reasonable time frame.
Musk was scheduled to appear before the SEC on September 15 to testify after receiving a subpoena, but the agency says that “two days before his scheduled testimony, Musk suddenly informed SEC staff that he would not be appearing.” “and “raised several questionable objections.” He objected, for example, that San Francisco was the appropriate location for the meeting.” The SEC said it offered to hold the deposition in Fort Worth, Texas, closer to Musk’s Residence is located, and also suggested other dates in October and November to accommodate him, but “these good-faith efforts failed and clashed with Musk’s categorical refusal.” to appear for testimony. SEC asks court to force Musk to testify.
Continue with the post