Elon Musk has been compelled to testify in a US Securities and Trade Fee (SEC) inquiry relating to his acquisition of social media platform Twitter, now rebranded as X, as per a court docket submitting.
Decide Laurel Beeler upheld the SEC’s authority within the matter, affirming that the subpoena aimed to collect pertinent data for the investigation.
“The court docket grants the SEC’s movement to implement the subpoena: it seeks related data, and it’s in any other case legitimate,” the decide wrote.
The SEC and Musk should agree on a date and placement for his testimony inside every week.
Final 12 months, the SEC initiated authorized motion towards Musk for failing to adjust to a subpoena that had been served since Could. The regulator was investigating potential securities fraud associated to Musk’s actions in 2022, significantly his inventory purchases and accumulation of a stake in Twitter earlier than the leveraged buyout.
On the time, the SEC stated it wanted Musk’s testimony to acquire data related to its reliable and lawful investigation.
Nevertheless, Musk criticized the SEC’s subpoena as harassment and advocated for a complete reform of regulatory companies.
“A complete overhaul of [regulatory] companies is sorely wanted, together with a fee to take punitive motion towards these people who’ve abused their regulatory energy for private and political achieve … can’t await this to occur,” Musk stated.
Musk finalized the acquisition of Twitter in October 2022 for roughly $44 billion. Subsequently, he launched numerous options meaning to reshape the platform right into a multifunctional “all the pieces app.”
Earlier bulletins hinted on the launch of a peer-to-peer (P2P) fee system this 12 months, though it stays unclear whether or not crypto might be concerned in these developments.
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