Last Updated: October 06, 2023, 08:17 IST
Washington D.C., United States of America (USA)
Elon Musk, the world’s richest man, is being sued by the U.S. Securities and Exchange Commission, which is trying to compel him to testify as part of a probe into his $44 billion takeover of social media giant Twitter, a Thursday court filing showed.
The investigation, which escalates a long-running feud between the SEC and Musk, concerns whether Musk broke federal securities laws in 2022 when he bought stock in Twitter, which Musk renamed X, as well as statements and SEC filings he made in relation to the deal.
The SEC in May 2022 said it was looking into Musk’s disclosure of his stake in Twitter, questioning whether he filed the appropriate paperwork.
The SEC in Thursday’s filing said it subpoenaed Musk in May 2023 requiring him to provide testimony at the SEC’s San Francisco office, and that Musk had agreed to appear on Sept. 15. But then two days beforehand Musk raised “several spurious objections” and told the SEC he would not appear, the SEC said.
Musk also refused SEC proposals to conduct the deposition in Texas in October or November.
Among his objections was that the SEC was trying to “harass” him and his counsel needed time to review potentially relevant material contained in a biography of Musk published last month, the SEC said.
According to the filing, Musk has given the SEC documents relating to the probe and has previously provided testimony in July last year via video conference.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)