The American stock market watchdog SEC filed a complaint against Elon Musk on Thursday to oblige him to testify in the context of the investigation into his takeover of Twitter, now X, in 2022. This is one of the many legal proceedings surrounding the controversial takeover.
The Securities and Exchange Commission (SEC) wants to know whether the billionaire broke the law when he bought Twitter shares last year. It was the first step that ultimately led to the acquisition of the social network for 44 billion dollars (approximately 42 billion euros).
In the complaint, the SEC says the chairman of X, Twitter’s new name, failed to show up in San Francisco last month for a hearing that had already been rescheduled several times.
“Despite the misleading nature of Musk’s objections, SEC staff attempted to negotiate with him in good faith to find an alternate date and location for his hearing,” the statement said. “Those good faith efforts were met with a categorical refusal from Musk.”
Indictment
According to the stock market watchdog, Musk is delaying the SEC investigation into possible violations of federal law by not responding to the subpoena.
“The SEC has already collected testimony from Musk several times as part of this misleading investigation. Enough is enough,” responds Alex Spiro, Musk’s lawyer.
Musk’s attacks on Twitter in the months before the acquisition and his decisions afterward have sparked controversy. Several legal proceedings have already been initiated by investors, former employees and companies that had contracts with Twitter. For example, a group of shareholders has filed a complaint against Musk because he allegedly announced too late that he was taking a 5 percent stake in Twitter.
Free unlimited access to Showbytes? Which can!
Log in or create an account and never miss anything from the stars.
Yes, I want free unlimited access
2023-10-06 02:24:00
#American #stock #market #watchdog #demands #Musks #testimony #Twitter #purchase
