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An American court forces Elon Musk to testify about the purchase of Twitter

An American court forces Elon Musk to testify about the purchase of Twitter

A US judge has ordered Elon Musk to testify for the third time in an SEC investigation (similar to the Brazilian CVM) regarding his purchase of X (formerly Twitter) for US$44 billion (R$217.96 billion, in direct conversion) at the end of 2022. .

according to Letters of NewsJudge Laurel Beller issued an order on Saturday (10), giving Musk, his team and the Securities and Exchange Commission (SEC) one week to reach an agreement on the location and date of the filing.

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At a hearing in December, Beeler stated that she would issue such an order if the two sides could not agree on those terms.

“The parties agreed, at least initially, on a date, but ultimately the defendant [Musk] “He failed to appear and resisted the subpoena, claiming that the SEC’s investigation was baseless and hostile and sought irrelevant information,” the judge highlighted in the order issued in Northern California.

Moreover, it is [Musk] The subpoena — issued by an SEC official appointed by the SEC's Director of Enforcement — allegedly exceeds the SEC's authority because it was not issued by an official appointed by the president, the court, or the chief of the department.

Laurel Beeler, Judge, by order issued on Saturday (10)

  • However, the judge stated that the court is enforcing the SEC's subpoena and that the testimony is not “overly burdensome” for Musk;
  • In turn, the Securities and Exchange Commission gave the option to the CEO of Tesla and SpaceX to testify in Texas, where he lives;
  • The SEC investigation covers the period before the agreement between Twitter and Musk officially closed;
  • The agency said it did not find that any federal securities laws were violated.
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Previous certificates

As we mentioned at the beginning of the report, Elon Musk has already submitted two statements to the SEC regarding this matter. But since then, according to Beeler, the SEC, in its new order, has received “thousands of new documents” from various parties, hundreds of them from Musk himself.

The X Now purchase agreement was very troubled. This is because the two parties ended the purchase in April 2022, but Musk, who regretted what he did, tried, in court, to cancel the acquisition.

However, the Australian billionaire ended up agreeing to keep his word and take the former Twitter private company months later, in October.

Hey Letters of News He has tried contacting Elon Musk and the SEC, but has not yet received a response.