In 2022, Elon Musk acquired the social network Twitter, which he later renamed X. The circumstances of this transaction initially raised questions among regulators, but the new owner was in no hurry to cooperate with them, given the long-standing conflict with the US Securities and Exchange Commission ( SEC). Late last week the court decidedthat the commission’s demands for Musk to testify again are quite natural.
Initially, Elon Musk testified for the SEC in July 2022, but later the regulator accumulated enough new materials on this case, so in September last year he tried to attract the billionaire to testify again, but he did not appear at the appointed time, making it clear through his lawyers , that he had already given out all the necessary information earlier, and considered the new requirements of the commission to be unnecessary quibbles.
After Musk failed to appear at his next testimony in September, the SEC tried to create more convenient conditions for him to meet with representatives of the regulator, inviting him to the office in Texas in October, since the billionaire formally resides in this state. Musk also ignored this invitation. District Judge Laurel Beeler ruled over the weekend that the SEC has sufficient authority to subpoena Elon Musk. She gave the parties to the dispute a week to choose a place and time for the meeting. If they do not reach an agreement after a week, the SEC will have the power to compel the billionaire to testify.