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Why Elon Musk might lose his latest battle with the SEC over Twitter probe

Economic Times

Economic Times · 1y ago

Why Elon Musk might lose his latest battle with the SEC over Twitter probe

The US Securities and Exchange Commission (SEC) is seeking to compel Elon Musk to testify in an investigation into his $44 billion takeover of Twitter. The SEC has taken legal action against Musk multiple times in the past and may have a stronger case this time. The agency is investigating whether Musk violated securities laws in relation to the Twitter deal. If Musk defies the court, he could face fines or even jail time. Musk has objected to testifying, claiming harassment and requesting time to review relevant material.

Related News

Even Trump may not be able to save Elon Musk from his old tweets

Arstechnica

Arstechnica · 4m ago

Even Trump may not be able to save Elon Musk from his old tweets

Elon Musk is embroiled in a legal battle with the SEC over his acquisition of Twitter, accused of misleading investors. Tweets from Musk allegedly misled the public about his intentions, with claims of a deceptive scheme to acquire Twitter shares at lower prices. A court recently supported investor claims of Musk's alleged fraud, complicating his efforts to avoid SEC scrutiny. The legal outcome could lead to significant financial repercussions for Musk.

US judge orders Elon Musk to testify in SEC's Twitter probe

Economic Times

Economic Times · 1y ago

US judge orders Elon Musk to testify in SEC's Twitter probe

A federal judge has ordered Elon Musk to testify in the U.S. Securities and Exchange Commission's investigation into his acquisition of Twitter. The judge's order came after Musk refused to attend an interview as part of the probe. The SEC is examining whether Musk followed the law when filing paperwork for the Twitter takeover and if his statements about the deal were misleading. If both parties cannot agree on a date and time for the interview, the judge will decide. This is the latest in the ongoing friction between Musk and the SEC.

Elon Musk issued summons in SEC case over Twitter stake disclosure

Economic Times

Economic Times · 5m ago

Elon Musk issued summons in SEC case over Twitter stake disclosure

Elon Musk received a summons in a case filed by the Securities and Exchange Commission (SEC) over allegations he delayed disclosing his large stake in Twitter, which he later acquired and renamed X. The SEC claims Musk violated securities law by announcing his 5% stake in Twitter 11 days late, breaching the 10-day disclosure rule for significant share purchases. Musk and his lawyer have not yet commented on the issue.

The SEC is sick of Elon Musk’s attempts to delay its Twitter investigation

The Verge

The Verge · 1y ago

The SEC is sick of Elon Musk’s attempts to delay its Twitter investigation

The US Securities and Exchange Commission (SEC) has accused Elon Musk of attempting to delay their investigation into his acquisition of Twitter, claiming he has "misrepresented" the scope of the investigation. The SEC has been investigating Musk since 2022 over his failure to disclose a substantial stake in Twitter before initiating his acquisition. Musk has fought against testifying to the SEC and accused them of "harassment". A federal judge previously ordered him to cooperate in the investigation, but the testimony has yet to take place. The SEC now alleges that Musk is using delay tactics to hinder the investigation.

US SEC has extended timeline for Musk to respond to settlement offer in Twitter probe, source says

Economic Times

Economic Times · 8m ago

US SEC has extended timeline for Musk to respond to settlement offer in Twitter probe, source says

The US Securities and Exchange Commission (SEC) has extended the deadline for Elon Musk to respond to its settlement offer regarding an inquiry into his $44-billion takeover of Twitter in 2022. Initially given 48 hours to agree to pay a penalty or face charges, Musk requested additional time, prompting the extension to Monday. Neither the SEC nor Musk's lawyer have commented on the matter so far.

Elon Musk may be compelled to testify again in SEC's Twitter takeover probe

Economic Times

Economic Times · 1y ago

Elon Musk may be compelled to testify again in SEC's Twitter takeover probe

A federal judge may compel Elon Musk to testify again in the SEC's investigation into his Twitter takeover. Lawyers for Musk argued against the SEC's request for him to testify, alleging harassment with subpoenas. The judge did not make a decision during the hearing. The investigation focuses on whether Musk violated securities laws during his 2022 purchase of Twitter, now known as X. Musk has previously provided documents and testified for the SEC, but the agency seeks further testimony due to new documents. This ongoing dispute stems from Musk's 2018 tweet about taking Tesla private.

US judge rejects SEC bid to sanction Elon Musk

Economic Times

Economic Times · 9m ago

US judge rejects SEC bid to sanction Elon Musk

A federal judge in San Francisco rejected the SEC's request to sanction Elon Musk for failing to appear for court-ordered testimony in the investigation of his Twitter takeover. The judge said sanctions were unnecessary since Musk testified later and agreed to pay travel costs. The SEC sought a declaration that Musk violated a court order, but Musk argued he complied by testifying. The SEC's request was deemed moot. Musk had been investigated for potentially violating securities laws in acquiring Twitter shares. In 2018, Musk settled with the SEC over his Twitter posts about taking Tesla private.

US SEC criticises Elon Musk for missing trial to attend SpaceX rocket launch, plans sanctions | Mint

Livemint

Livemint · 11m ago

US SEC criticises Elon Musk for missing trial to attend SpaceX rocket launch, plans sanctions | Mint

Elon Musk missed a trial hearing over the 2022 Twitter acquisition to attend a SpaceX rocket launch, according to a filing in the San Francisco Federal Court. Musk's lawyer informed the court that he was at the Cape Canaveral launch site in Florida. The United States Securities and Exchange Commission (SEC) plans to seek sanctions against Musk for his "gamesmanship" and delays, as he only informed the court three hours before the hearing of his absence. The SEC probe against Musk pertains to his purchases of Twitter stock and statements about his investments.

Elon Musk ordered to answer questions on Twitter acquisition: California Court

Livemint

Livemint · 1y ago

Elon Musk ordered to answer questions on Twitter acquisition: California Court

A California federal court has ruled that Elon Musk must answer further questions from the SEC regarding his acquisition of Twitter (now X). The judge found the SEC's investigation to be legitimate and the requested testimony to be relevant, dismissing Musk's claims of harassment. Musk had previously testified before the SEC twice but the agency wants to question him about new information. The SEC is examining whether Musk followed disclosure rules and made accurate statements about his Twitter stock purchases. Musk has challenged the subpoena's validity.

SEC reopens probe into Elon Musk's Neuralink

Economic Times

Economic Times · 8m ago

SEC reopens probe into Elon Musk's Neuralink

The US Securities and Exchange Commission (SEC) has reopened an investigation into Elon Musk's brain-chip startup Neuralink. A letter from Musk's lawyer to the outgoing SEC Chair mentioned a settlement demand and offered a 48-hour window for Musk to make a monetary payment or face charges. The letter also stated that Musk and his lawyer would not be intimidated by the SEC and reserved their legal rights. Neither the SEC nor Neuralink have provided any comment on the matter.

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