{"id":2057309,"date":"2023-10-05T21:27:02","date_gmt":"2023-10-06T01:27:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sec-sues-to-compel-elon-musk-to-testify-in-twitter-investigation\/"},"modified":"2023-10-05T21:28:34","modified_gmt":"2023-10-06T01:28:34","slug":"sec-sues-to-compel-elon-musk-to-testify-in-twitter-investigation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sec-sues-to-compel-elon-musk-to-testify-in-twitter-investigation\/","title":{"rendered":"SEC sues Elon Musk to force testimony in Twitter probe."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsec-sues-to-compel-elon-musk-to-testify-in-twitter-investigation%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2057309&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><html><body><\/p>\n<div class=\"entry-content\">\n<figure class=\"wp-block-image size-large is-resized\"><figcaption class=\"wp-element-caption\">CAPE CANAVERAL, FL \u2013 MAY 27: Elon\u2063 Musk, founder and CEO \u200bof SpaceX, participates in a press conference at\u2063 the Kennedy \u2062Space Center on May 27, 2020 \u200cin Cape Canaveral, Florida. NASA astronauts Bob Behnken and Doug Hurley were scheduled to be the \u2064first people since the end\u2062 of \u2062the Space Shuttle program\u200c in 2011 to\u2064 be launched into \u200dspace\u2062 from the United \u2062States, but the launch was postponed due \u2063to bad weather. (Photo by Saul Martinez\/Getty Images)<\/figcaption><\/figure>\n<p>OAN\u2019s <a href=\"https:\/\/www.oann.com\/tag\/elizabeth-volberding\">Elizabeth Volberding<br \/><\/a>6:12 PM \u2013 Thursday, October 5, 2023<\/p>\n<h2>The SEC Sues Elon Musk Over Twitter\u2064 Purchase<\/h2>\n<p>The \u200cUnited States Securities and Exchange Commission (SEC) has taken\u200c legal action against\u2062 Elon Musk, \u200bthe billionaire \u200dCEO \u200bof SpaceX, in \u200dan attempt to \u200ccompel \u200chim to testify regarding his acquisition of Twitter shares last\u2063 year.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-2\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-2'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>The SEC \u200calleges that Musk failed\u200c to appear in court\u200c on September 15<sup>th<\/sup> as required by a \u2063subpoena\u2064 served to him in May 2023. The investigation\u200c is focused on potential securities fraud \u2063related to the\u2063 purchase of\u2064 Twitter shares while Musk was in the process of acquiring \u2064the social media platform. Musk completed the acquisition in October, rebranding it as X, in a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sec-sues-to-compel-elon-musk-to-testify-in-twitter-investigation\/\" title=\"SEC sues Elon Musk to force testimony in Twitter probe.\">deal \u200cworth approximately  billion<\/a>.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cMusk\u2019s\u2062 ongoing refusal to comply with the SEC\u2019s administrative \u2064subpoena is hindering and delaying the SEC staff\u2019s investigation \u200dto determine whether violations of the \u2064federal securities laws have occurred,\u201d the attorneys explained in the complaint.\u2063 \u201cAccordingly, the SEC \u2063now asks\u200d the \u2063Court to compel Musk\u200d to\u2064 appear \u200dfor investigative testimony.\u201d<\/p>\n<\/blockquote>\n<p>The SEC claims to have made multiple attempts to arrange a meeting with Musk, offering to meet at their office in Fort Worth, Texas, which \u2062is closest to Musk&#8217;s residence in the Austin area.\u2062 Proposed dates \u200cfor the meeting\u2064 were in October and November of this \u200cyear.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cThese\u2064 good\u2063 faith efforts were met with Musk\u2019s\u200b blanket refusal to appear \u2064for \u2064testimony,\u201d the lawsuit says.<\/p>\n<\/blockquote>\n<blockquote class=\"wp-block-quote\">\n<p>Musk\u2019s attorney, Alex Spiro, responded to the complaint by stating that the\u2063 \u201cSEC has already taken\u2063 Mr. Musk\u2019s \u200dtestimony multiple\u2062 times in\u2063 this\u200c misguided investigation, enough is enough.\u201d  <\/p>\n<\/blockquote>\n<blockquote class=\"wp-block-quote\">\n<p>Lawyers \u2062for the SEC have reported that Musk rejected cooperating with the subpoena due to \u201cseveral spurious objections, including \u200can\u2063 objection to San Francisco as an appropriate testimony location.\u201d \u2064 <\/p>\n<\/blockquote>\n<p>Previously, Musk did \u200cnot raise any objection to that particular location.<\/p>\n<p>Additionally, the\u200d SEC lawyers\u200b assert that\u2064 Musk refused to comply because they thought the subpoena was \u200ban attempt by the commission to \u201charass\u201d \u200dhim. <\/p>\n<p>Musk also cited the publication of\u2062 his biography by journalist Walter Isaacson as\u200b a reason \u200cfor not appearing \u2063for testimony, claiming\u2063 that it might contain &#8220;new information potentially\u200b relevant to this\u200d matter.&#8221;<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cThe publication of\u2062 Musk\u2019s biography is not a\u2063 legitimate basis for Musk to avoid\u200b compliance with a\u200c lawfully issued investigative subpoena,\u201d \u200dthe attorneys stated in\u200d the legal\u2062 filing. \u201cIn any event, Musk\u2019s initial refusal to comply\u2063 with\u2064 the subpoena has now presented his \u200dcounsel with\u2063 plenty of time to review \u2062the biography for any relevant information, and\u200c so this\u2062 objection\u2064 is now moot in addition \u2063to being legally insufficient\u2063 from inception.\u201d<\/p>\n<\/blockquote>\n<p>The SEC has clarified that its \u2062investigation is ongoing\u200b and no conclusions have been \u2062reached\u200c regarding violations\u200b of federal securities \u2064laws.<\/p>\n<p>A \u2063hearing on the lawsuit \u2062is scheduled for November 9<sup>th<\/sup>.<\/p>\n<p>Stay informed!\u2064 Receive breaking news blasts directly\u200b to your inbox for free. Subscribe\u200d here. <a href=\"https:\/\/www.oann.com\/alerts\">https:\/\/www.oann.com\/alerts<\/a><\/p>\n<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-3\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-3'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Biden \u2063goes Full MAGA by Building the Wall while \u2062things get \u2062dicey in\u2064 Syria.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>45th President Donald Trump brought in more than 45-million-dollars to close out the third quarter \u2062out-pacing\u2062 all of \u200chis \u200cprimary\u200b competition.\u200c <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>45th President Donald Trump says Joe Biden is breaking every \u2064environmental law to prove him right.\u200d <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Georgia Congressman Mike Collins laments that quote \u201cit just wasn\u2019t the right time\u201d\u2064 to oust Kevin McCarthy from the speakership.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Billionaire \u200dElon Musk is under investigation\u200d by the U.S. Securities \u200dand Exchange Commission over\u2063 his\u200b 2022 purchase of social media giant Twitter<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>A former executive at Samsung Electronics\u2019 venture capital arm faced pushback due \u2064to pressure from Google.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Sam \u200dBankman-Fried\u2019s college roommate and ex-colleague at FTX took the stand at the former billionaire\u2019s fraud trial\u2062 on Thursday.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Meta is planning to lay off\u2062 employees on \u200cWednesday in the unit\u200d of its metaverse-oriented Reality Labs division focused on creating custom silicon<\/p>\n<\/p><\/div>\n<p> rnrn  <\/p>\n<h2> Why did Elon Musk fail to appear\u200b in court as\u200c required by a subpoena\u2064 served \u200cto him by the SEC?<\/h2>\n<p><span>  The SEC Sues Elon Musk \u2064Over Twitter\u2064 Purchase<\/p>\n<p>The United States Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, the CEO of SpaceX, in an effort \u200cto force him to testify about his\u200b acquisition of Twitter shares last year.<\/p>\n<p>According to the SEC, Musk failed to appear in court on September 15th as required by a subpoena served to him in May 2023. The\u200c investigation focuses on potential securities fraud related to the purchase of Twitter shares during Musk&#8217;s\u2064 acquisition of the social media platform. Musk completed the acquisition in October, renaming\u2064 it\u200b X, in a deal worth approximately $44 billion.<\/p>\n<p>In the complaint, the SEC&#8217;s attorneys explained, &#8220;Musk&#8217;s ongoing refusal to comply with the SEC&#8217;s administrative subpoena is hindering and delaying\u2063 the SEC staff&#8217;s investigation to determine whether \u200cviolations of the federal securities laws have occurred. Accordingly, the SEC now asks the Court\u2064 to compel Musk to appear for investigative testimony.&#8221;<\/p>\n<p>The SEC claims to have\u2064 made \u200cmultiple attempts to arrange a meeting with Musk,\u2062 offering \u2063to meet at their office in Fort Worth, \u2063Texas, which is closest to Musk&#8217;s residence in the Austin\u200b area. Proposed \u2063dates for the meeting\u2062 were in October and\u2064 November of this year.<\/p>\n<p>&#8220;These good faith efforts were met with Musk&#8217;s blanket refusal \u2062to appear \u2062for testimony,&#8221; the lawsuit says.<\/p>\n<p>Musk&#8217;s\u2062 attorney, Alex Spiro, responded to the complaint by stating that the &#8220;SEC has already taken Mr. Musk&#8217;s testimony multiple times in this misguided investigation, enough\u200d is enough.&#8221;<\/p>\n<p>Lawyers for the SEC have \u2064reported that Musk rejected cooperating with the subpoena due to &#8220;several spurious\u200b objections, including an objection\u2063 to San \u200bFrancisco as \u2062an\u2063 appropriate \u200dtestimony location.&#8221; However, Musk \u2063did not raise any objection to that particular location previously.<\/p>\n<p>Additionally, the SEC lawyers assert that Musk refused to comply because they believed the subpoena was\u200c an \u200cattempt to harass him. Musk also cited the publication of his biography by journalist Walter Isaacson as a reason for\u2063 not appearing for testimony, claiming that it might contain &#8220;new information potentially relevant to this matter.&#8221;<\/p>\n<p>&#8220;The publication of Musk&#8217;s biography is not a\u2062 legitimate\u200d basis for Musk to avoid compliance with a lawfully issued investigative \u2064subpoena,&#8221; the attorneys stated\u2064 in the legal filing. &#8220;In any event, Musk&#8217;s initial refusal\u2062 to \u200dcomply with the subpoena has now presented his counsel with \u200cplenty of time \u200dto review the biography for any relevant\u200d information, and so this objection\u2064 is now moot in addition to being legally\u200d insufficient from inception.&#8221;<\/p>\n<p>The SEC has clarified that its investigation is ongoing and no conclusions have been reached regarding violations of federal securities laws.<\/p>\n<p>A hearing on the \u2063lawsuit is scheduled for November.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Elon Musk, SpaceX CEO, joins press conference at Kennedy Space Center in Cape Canaveral, FL on May 27, 2020. NASA astronauts Bob Behnken and Doug Hurley set to become first since 2011 to launch from US soil, marking end of Space Shuttle program.<\/p>\n","protected":false},"author":2368,"featured_media":2057310,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2057309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2057309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2368"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2057309"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2057309\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2057310"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2057309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2057309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2057309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}