05.10.2023 23:27 Uhr, Quelle: Engadget

The SEC is suing Elon Musk for refusing to testify in Twitter investigation

Elon Musk is once again in the crosshairs of the Securities and Exchange Commision (SEC). The regulator, which has been investigating Musk’s Twitter takeover, is now suing the owner of X after he failed to appear for previously-scheduled testimony, The Wall Street Journal reports. The SEC’s investigation dates back to 2022, when it opened a probe into Musk’s delayed disclosure of his stake in Twitter, which was at the time a publicly-traded company. Musk was 10 days late in filing paperwork, required under US securities law, disclosing his investment in Twitter. The delay may have earned him as much as $156 million, and also made him the target of a class-action lawsuit from former Twitter shareholders. Musk had been scheduled to testify in the SEC investigation into the matter last month, The Wall Street Journal reports. But Musk failed to appear at a scheduled meeting in San Francisco, and later gave a “blanket refusal to appear for testimony” when the SEC tried to reschedule.

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