Musk X takeover, A federal court has ordered Elon Musk to respond to additional inquiries on his 2022 takeover of Twitter, which has since been rebranded as X, from the US Securities and Exchange Commission (SEC). Whether Musk will show up for the interview on Thursday is still up in the air. Musk missed his scheduled deposition with the SEC last month, citing an urgent trip for a SpaceX launch as his excuse. Legal issues have arisen as a result of Musk’s absence, and the SEC is currently pursuing possible penalties should Musk miss the next meeting.
The main focus of the investigation is whether Musk broke any securities laws by withholding information about his increasing ownership of Twitter prior to his $44 billion acquisition. Musk has acknowledged that any delay was due to a mistake, but the SEC is seeking further explanation. The SEC filed a court request to compel Musk to testify after Musk’s legal team accused the agency of harassing him during a third deposition, despite the fact that Musk had already provided two.
Musk’s September last-minute cancellation, which the SEC claims was planned, is the source of their annoyance. Musk’s attorneys contend that the SEC was promptly notified, but the organization believes his lack of presence “smacks of gamesmanship.” They stress the significance of holding Musk responsible and are advocating for sanctions to guarantee his cooperation with the probe.
Musk has completely participated, according to his legal team, offering records and testimony for this and other inquiries. They contend that Musk’s firms and associates have cooperated with the investigation and that his absence was due to an emergency. Nevertheless, the SEC is demanding more stringent actions and is pleading with the court to reject any additional postponements.
The financial world is watching anxiously, wondering if Musk would attend the Thursday deposition or face potential legal ramifications.
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