According to documents filed in a US court on October 5, Elon Musk was sued by the US Securities and Exchange Commission (SEC) for refusing to testify about the Twitter acquisition deal.
The SEC’s complaint says the agency sent Musk a letter in May asking him to appear at its San Francisco office. Musk agreed to appear on September 15. But two days before the deadline, the billionaire gave “several spurious excuses” and said he would not appear.
Musk also declined an SEC request to testify in Texas in October or November. The agency is seeking to compel him to testify about last year's $44 billion acquisition of Twitter.
The SEC believes Musk may have violated securities laws by buying Twitter stock in 2022. They have been investigating Musk since May 2022, when the billionaire first disclosed his stake in Twitter. The agency doubts whether he filed the proper paperwork.
Elon Musk at a technology forum in Paris (France) in June. Photo: Reuters
Musk said the SEC is trying to “harass” him and his team of advisers who need time to review documents related to a biography of Musk published last month. According to the lawsuit, Musk has provided the SEC with documents related to the investigation and a video hearing last July.
"The SEC has interviewed Mr. Musk multiple times in an investigation that is unjustified," said Alex Spiro, Musk's attorney. In a statement, the SEC said it wanted to "hear Musk to obtain information the SEC does not have in connection with a completely legitimate investigation."
Musk and the SEC have been at odds since 2018, when he tweeted that he had enough money to buy Tesla and delist it. He abandoned the plan three weeks later. Following the incident, Musk was forced to step down as chairman of the company and pay a fine.
Since then, Musk has continued to criticize the SEC, which has opened multiple investigations into Musk over the past few years.
In addition to the SEC, Musk is also facing a number of other legal troubles. The US Justice Department is investigating Tesla over claims related to self-driving cars. Prosecutors in New York have also opened an investigation into Musk’s executive perks and complaints about Tesla’s range.
Ha Thu (according to Reuters)
Source link
Comment (0)