Elon Musk May Have to Testify in Twitter Sale Probe
The SEC is looking into Elon Musk’s £36($44) billion Twitter purchase, and he might have to answer questions.
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According to papers filed in court on Thursday, the case is about worries that the richest person in world broke laws about money & shares in 2022 when he bought Twitter shares.
The investigation is also checking what Mr. Musk said and wrote about the deal. This is a part of a long fight between Mr. Musk and the SEC.
The SEC wants Mr. Musk to testify, and they are asking a court to make him do it. They had asked him to talk in May 2023 at their office in San Francisco, and he said he would do it on September 15. But two days before that, he made many excuses and said he wouldn’t come.
One of his excuses was that the SEC was bothering him, and he said his lawyers needed time to read a book about him that might have important information, according to SEC.
The document says Mr. Musk already gave the SEC papers about the investigation and spoke with them in a video call in July last year.
Alex Spiro, who is representing Mr. Musk, said, “The SEC has already talked to Mr. Musk many times in this investigation that doesn’t make sense – it’s too much.”
The SEC says it wants his testimony “to get information they don’t have yet that is important for their fair and legal investigation.”
Mr. Musk got a lot of Twitter shares in April last year and later bought the company for $44 billion. He first said he wouldn’t control or change Twitter, but then he changed his mind and said he might join their board. Later, he decided not to.
In April, he said he would buy Twitter, but then he tried to cancel the deal because he thought Twitter wasn’t telling the truth about fake accounts on their website.
When he faced a trial to make him finish the deal, he went ahead and bought Twitter in October 2022.
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