Todd Spangler NY Digital Editor The SEC filed a lawsuit against Elon Musk, seeking to compel him to testify about his acquisition of a large amount of Twitter shares worth around $3 billion before his takeover of the social network.
Per the suit, filed Oct. 5 in federal court in San Francisco, Musk was scheduled to appear for testimony Sept. 15 at the SEC’s San Francisco Regional Office after receiving a subpoena.
However, “two days before his scheduled testimony, Musk abruptly notified the SEC staff that he would not appear,” according to the lawsuit. “Musk attempted to justify his refusal to comply with the subpoena by raising, for the first time, several spurious objections, including an objection to San Francisco as an appropriate testimony location,” the SEC’s lawsuit says.
Twitter, now renamed X by Musk, maintains its headquarters 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 to Bloomberg, which first reported the news.
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