Elon Musk, the controversial billionaire and CEO of companies like Tesla and SpaceX, has agreed to testify in the Securities and Exchange Commission’s investigation into his $44 billion acquisition of Twitter. This move comes after the SEC filed a lawsuit against Musk for his failure to properly disclose his stake in Twitter.
According to a legal document filed on Thursday, Musk has waived his right to appeal a court order that requires him to testify. This means that Musk will have to appear at one of the SEC’s offices for an interview that could last up to five hours. Although a date has been agreed upon between Musk and the SEC, it has not been disclosed for confidentiality reasons.
The SEC opened an investigation into Musk’s failure to disclose his stake in Twitter in 2022. However, the situation escalated when Musk refused to testify in the agency’s probe, prompting the SEC to file a lawsuit against him. The SEC claims that Musk abruptly notified them that he would not appear for his scheduled deposition, and he also refused to testify at a later date.
This is not the first time Musk has had run-ins with the SEC. He has previously accused the agency of harassment and of stifling his free speech. Earlier this year, the SEC accused Musk of attempting to delay the investigation. Musk’s contentious relationship with the SEC has been ongoing and has resulted in multiple legal battles between the two parties.
Elon Musk’s agreement to testify in the SEC’s investigation into his acquisition of Twitter marks a significant development in the ongoing saga between Musk and the regulatory agency. This decision could have far-reaching implications for both Musk and the future of his business dealings. Only time will tell what the outcome of this investigation will be and how it will impact Musk’s reputation in the business world.
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