Elon Musk Sued By SEC Over Twitter Purchase

Elon Musk

Elon Musk is being sued by the SEC as part of an investigation into his purchase of Twitter.

Elon Musk has been sued by the U.S. Securities and Exchange Commission (SEC) amid the organization’s probe into his Twitter purchase.

According to court documents, SEC officials filed a lawsuit in San Francisco, California, against the tech billionaire to compel him to testify about his acquisition of Twitter, now known as X.

According to the lawsuit, Musk was scheduled to appear for testimony at the SEC’s San Francisco Regional Office on 15 September after receiving a subpoena regarding his takeover of the social network.

However, they claimed that “two days before his scheduled testimony, Musk abruptly notified the SEC staff that he would not appear.”

SEC officials have been investigating Musk’s Twitter acquisition, including his decision to purchase $3 billion in Twitter shares before buying the company as a whole.

According to the SEC, the entrepreneur missed a deadline to publicly disclose his purchase of Twitter stock.

Their lawsuit reads, “Musk attempted to justify his refusal to comply with the subpoena by raising, for the first time, several spurious objections, including an objection to San Francisco as an appropriate testimony location.”

Musk’s attorney Alex Spiro responded in a statement to Bloomberg, saying, “The SEC has already taken Mr Musk’s testimony multiple times in this misguided investigation – enough is enough.”

The SpaceX founder acquired Twitter in October 2022. He rebranded the site as X in July.