Crypto News – According to a court document, Elon Musk has been forced to provide testimony in an SEC investigation over his purchase of the social media network Twitter, which he has since rebranded as X.
Court Order for Musk: SEC Wants Musk to Testify on Twitter Acquisition
The subpoena was issued with the intention of obtaining relevant information for the inquiry, and Judge Laurel Beeler confirmed this, upholding the SEC‘s power in the case.
The court grants the SEC’s motion to enforce the subpoena: it seeks relevant information, and it is otherwise valid,the judge
Within a week, Musk and the SEC need to decide on a time and place for his testimony.
Musk Thinks Regulatory Agencies Need a Comprehensive Review
Musk was served with a subpoena in May of last year, and the SEC filed a lawsuit against him for not responding. The regulator was looking into Musk’s conduct in 2022 that may have involved securities fraud, specifically his acquisition of stocks and building up of a stake in Twitter prior to the leveraged buyout. The SEC claimed at the time that Musk’s testimony was necessary in order to gather data pertinent to its legal and legitimate inquiry. Musk, meanwhile, called the SEC’s subpoena harassment and pushed for a thorough overhaul of regulatory bodies.
A comprehensive overhaul of regulatory agencies is sorely needed, along with a commission to take punitive action against those individuals who have abused their regulatory power for personal and political gain … can’t wait for this to happen,Musk