The US Securities and Exchange Commission (SEC) has taken legal action against Elon Musk, the billionaire entrepreneur and Dogecoin supporter, seeking to compel his testimony regarding the acquisition of Twitter.
SEC Fires Legal Salvo At Elon Musk
Attorneys representing the SEC alleged that Musk failed to appear for a scheduled testimony on September 15, violating a subpoena.
The investigation focuses on potential securities fraud related to the purchase of Twitter shares while Musk was buying stock in the company. Musk’s purchase of Twitter, now known as X, took place last year in a deal valued at approximately $44 billion.
In a complaint filed in the Northern District of California, the SEC expressed concern over Musk’s refusal to comply with the administrative subpoena.
The SEC’s attorneys argued that this “non-compliance” is impeding and delaying their investigation into potential violations of federal securities laws. Consequently, the SEC sought the court’s intervention, requesting that Musk appear for investigative testimony.
Musk Fires Back On Social Media
In response to the SEC’s legal action, Elon Musk turned to social media, particularly X, expressing his confusion and frustration.
Elon Musk questioned why the SEC was scrutinizing his purchase of Twitter/X and highlighted his perception of constantly being targeted by different entities, including the Biden Administration and the SEC.
He reiterated his commitment to protecting free speech, advancing electric car technology, and pursuing space exploration, wondering why he is met with such opposition. Musk stated:
Why is the SEC looking into my purchase of Twitter/X? Everyday it’s something different. One week it’s the Biden Administration, another week it’s the SEC, and another week it’s someone else. I’m literally just trying to protect free speech, build electric cars, and put humans on Mars. Why don’t they like me?
As the legal proceedings unfold, the court will decide whether to compel Elon Musk’s testimony, shedding light on the purchase’s circumstances.
Featured image from Shutterstock, chart from TradingView.com