Renowned entrepreneur Elon Musk has been directed to testify in a Securities and Exchange Commission (SEC) investigation regarding his 2022 acquisition of Twitter, now rebranded as X. The SEC is delving into potential securities fraud associated with Musk’s stock purchases during the acquisition process, which concluded in October 2022.
Federal Judge Laurel Beeler has upheld the SEC’s subpoena to Musk, deeming it within the agency’s authority. Both Musk and the SEC have been given one week to coordinate the logistics of Musk’s testimony, with the date and location yet to be determined.
Musk, along with his legal counsel and the SEC, has remained silent on the matter thus far. This development comes amidst Musk’s history of challenging the authority of federal regulatory bodies.
Previously, Musk contested a settlement agreement with the SEC, arguing that it infringed upon his free speech rights, particularly concerning his tweets about Tesla. In a separate legal battle, Musk’s SpaceX has sued the National Labor Relations Board (NLRB) over allegations of wrongful termination, stemming from employees’ criticism of Musk’s conduct.
The lawsuit challenges the constitutionality of the NLRB’s structure and aims to halt any further action against SpaceX based on the complaint. Filed in the U.S. District Court for the Southern District of Texas in Brownsville, this lawsuit mirrors a previous case brought against the NLRB by a former Starbucks employee.