2023-10-06 05:58:44
Published on Oct 6, 2023 at 7:58 am
This is one of several legal proceedings linked to this controversial takeover. The Securities and Exchange Commission (SEC) filed a complaint against Elon Musk on Thursday. The American stock market watchdog hopes to force him to testify as part of the investigation into the acquisition of Twitter (now X) in 2022.
The SEC is investigating whether the billionaire broke the law when he bought Twitter stock last year. This operation marked the start of the eventful acquisition process for the platform.
Categorical refusal to testify
The authority indicates in its complaint that the president of X did not appear in San Francisco last month for a hearing whose date had already been moved several times. Elon Musk argued, for example, that the city of San Francisco was not an appropriate choice. The SEC had notably agreed to move the interview to Fort Worth, Texas, where the billionaire legally resides.
“Despite the specious nature of Musk’s untimely objections, the SEC staff attempted to negotiate in good faith with Musk to find an alternative date and location for his hearing,” the SEC said. “These good faith efforts were met with categorical refusal from Musk.” “Musk’s continued refusal to comply with the SEC’s subpoena hinders and delays the SEC staff’s investigation into whether violations of federal laws […] were committed,” insists the authority.
Numerous complaints
“The SEC has already collected Mr. Musk’s testimony on several occasions as part of this misguided investigation – enough is enough,” reacted Alex Spiro, the SpaceX boss’s lawyer, contacted by AFP. Elon Musk notably sent hundreds of documents to the SEC and testified twice in July 2022.
The prevarications and attacks during the months preceding the takeover, as well as the decisions of the new owner afterwards, were marked by numerous controversies, and led to various legal actions, from investors, former employees and companies that had contracts with Twitter. Shareholders have, for example, filed a complaint against Elon Musk, accusing him of having disclosed his 5% stake in Twitter too late, after the deadline set by the SEC.
With AFP
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