He is under investigation, among other things, for purchasing Twitter shares in 2022.
The US Securities and Exchange Commission (SEC) has launched an investigation against Elon Musk in connection with the purchase of Twitter shares at the beginning of 2022. Reuters and Bloomberg reported.
The Securities and Exchange Commission (SEC) is the US financial regulator responsible for ensuring that trading in securities is carried out properly.
Reuters He writes that the investigation is focused on whether Musk violated federal securities laws in connection with his 2022 purchases of Twitter stock, as well as statements and SEC documents he made in connection with the deal.
In 2022, he was sued for buying shares in Twitter. In the lawsuit, it was then alleged that the defendant delayed declaring that he owned significant shares in Twitter, so that he could purchase more shares at a lower price.
In October 2022 It became known that he bought Twitter for $44 billion.
He was also subpoenaed in federal court because he did not testify in the investigation into his Twitter takeover, the Wall Street Journal wrote on September 23. x/twitter.
A subpoena is used to formally summon a person to testify in court.
According to the lawsuit, he did not appear to testify “if necessary,” Reuters wrote.
According to Reuters, which refers to the Securities and Exchange Commission, they subpoenaed Musk in May 2023 and demanded that he testify at their office in San Francisco.
Musk reportedly agreed to the meeting last month. But two days ago, he reportedly said he wouldn’t appear, and according to the SEC, he then filed “several false objections.”
“The SEC has already taken Mr. Musk’s testimony multiple times in this misleading investigation — enough is enough,” Alex Spiro, Musk’s lawyer, said in a statement. Bloomberg.
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