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SEC is looking into Elon Musk’s Purchase of Twitter

SEC is looking into Elon Musk’s Purchase of Twitter

SEC is looking into Musk’s $44 billion purchase of Twitter and claims he rejected being deposed. According to a court filing submitted on Thursday that requests Elon Musk’s testimony on the subject, the Securities and Exchange Commission (SEC) is looking into Musk’s purchase of Twitter.

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Financial Regulator’s Headquarters in San Francisco

The SEC said that Musk consented to testify on September 15 after it served him with a subpoena in May 2023 to force his testimony at the financial regulator’s headquarters in San Francisco. Musk, though, voiced “several spurious objections” two days in advance and informed the SEC that he wouldn’t be there, the agency claimed.

Legal Counsel

Musk allegedly declined the SEC’s demands to take a deposition in Texas in October or November, according to the agency. Musk objected on the grounds that the SEC was attempting to “harass” him and that his legal counsel needed more time to analyze pertinent information in a biography of the tech mogul that was released last month, according to the SEC’s court filing. According to the SEC, Musk delivered testimony in a video conference in July 2022 and gave the SEC materials pertaining to the investigation.

SEC
Elon Musk rejected the Securities and Exchange Commission’s demands for a deposition over his purchase of Twitter, the regulator claimed in a court filing. (Reuters Photos; REUTERS/Mike Blake/File Photo)

SEC’s Possession Lawful investigation

In this misguided inquiry, the SEC has already called Mr. Musk to testify several times; enough is enough, according to a statement from Alex Spiro, a counsel representing Musk. In a statement, the SEC stated that it is looking for Musk’s testimony “to obtain information that is not already in the SEC’s possession that is relevant to its legitimate and lawful investigation.”

1st Revealed in April 2022

Musk’s acquisition of a sizable minority investment in Twitter. Which he first revealed in April 2022. Marked the beginning of his gradual takeover of the social media platform. Musk first stated he planned to be a passive investor. And had no aspirations of gaining control of the platform or influencing its choices. However, he was late in completing the regulatory notice regarding his participation.

The Social Media Company’s Board of Directors

Days following the revelation, Musk agreed to join the social media company’s board of directors before declining it. Musk first sought to back out of the agreement by claiming Twitter. Failed to reveal the full scope of bot activity on the site. After announcing plans to purchase the firm for $44 billion in late April. That began a legal battle to compel Musk to finish the acquisition. Which he did in the end in late October 2022.

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