The SEC is trying to force Musk

The SEC is trying to force Musk

Elon Musk

(Bloomberg) — The US Securities and Exchange Commission, which is investigating whether Elon Musk violated securities laws as he bought Twitter Inc. shares ahead of his purchase of the social media platform, is seeking to force the billionaire to testify.

The Wall Street regulator said on Thursday that Musk failed to appear to testify last month as requested. The agency is reviewing Musk’s statements and disclosures about the stock transactions, according to a filing by the agency in federal court in San Francisco.

“The SEC has already taken Mr. Musk’s testimony multiple times in this misguided investigation – enough is enough,” Alex Spiro, an attorney for Musk, said in a statement.

The SEC began its probe in April 2022 and has requested thousands of documents from Musk and other parties, the agency said. The billionaire has already sent hundreds of documents, and testified twice in July 2022, according to the filing, which described an ongoing, nonpublic investigation.

Musk agreed to an interview with the SEC last month in San Francisco, the agency said. However, two days before the scheduled Sept. 15 meeting, Musk raised several objections, including that San Francisco wasn’t the appropriate location for it. Investigators suggested new dates and agreed to move the interview to Fort Worth, Texas, where Musk legally resides, but he then refused to meet at all, according to the filing.

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