financetom
Business
financetom
/
Business
/
Elon Musk may be compelled to testify again in SEC's Twitter takeover probe
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Elon Musk may be compelled to testify again in SEC's Twitter takeover probe
May 9, 2024 2:14 PM

SAN FRANCISCO (Reuters) - A federal judge on Thursday indicated a willingness to compel Elon Musk to testify again in the U.S. Securities and Exchange Commission's investigation into his $44 billion takeover of Twitter.

Lawyers for the billionaire appeared in a San Francisco courtroom on Thursday to urge U.S. District Judge Jacqueline Scott Corley to decide against the SEC, which is seeking to force Musk to testify as part of its probe into his 2022 purchase of social media giant Twitter. Another judge previously ruled in favor of the agency.

The SEC sued Musk in October to compel the Tesla and SpaceX CEO to testify after he refused to attend a September interview for the investigation, saying the SEC was trying to "harass" him with a number of subpoenas.

The judge did not issue a decision on Thursday.

"I don't think that the deposition subpoena is unreasonable. What I don't know is why does the deposition have to be at an SEC office?" Corley said at a hearing at the United States District Court for the Northern District of California.

The investigation concerns whether Musk broke federal securities laws in 2022 when he bought stock in Twitter, which he later renamed X. It is also reviewing statements and SEC filings he made in relation to the deal, the agency has previously said.

In 2022, Musk supplied the SEC with documents for its probe and also testified via videoconference for two half-day sessions in July of that year, the SEC has said in court documents. Agency lawyers have said they have more questions for Musk after receiving new documents, and had sought additional testimony.

Musk's lawyer, Rachel Frank, an associate with Quinn Emanuel Urquhart & Sullivan, on Thursday told the judge the additional testimony would be a "burden" for Musk and take him away from obligations to shareholders.

The judge asked whether Musk should be exempt from securities laws and further investigations just because he is a "very busy person" who is running multiple companies.

Musk did not immediately respond to a request for comment.

Thursday's face-off is the latest dispute in a years-long feud between Musk and the top U.S. markets regulator, dating back to 2018 when he tweeted that he had "funding secured" to take the electric carmaker private.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Revive Therapeutics to Submit Type C Meeting Request with FDA for Bucillamine to Treat Long COVID
Revive Therapeutics to Submit Type C Meeting Request with FDA for Bucillamine to Treat Long COVID
Mar 19, 2024
08:26 AM EDT, 03/19/2024 (MT Newswires) -- Revive Therapeutics Ltd. ( RVVTF ) , a specialty life sciences company focused on the R&D of therapeutics for medical needs and rare disorders, on Tuesday said the FDA has advised it to submit a Type C meeting request to discuss evaluating a proposed Phase 2 clinical study of Bucillamine, an oral thiol-based...
What's Going On With SoundHound Stock Tuesday?
What's Going On With SoundHound Stock Tuesday?
Mar 19, 2024
SoundHound AI, Inc. ( SOUN ) shares are trading lower premarket today. The company launched an innovative in-vehicle voice assistant today. The platform uses a large language model (LLM) that is entirely on edge while running on the NVIDIA Corporation’s DRIVE platform. Related: Golden Cross Alert: SoundHound AI Stock’s Positive 2024 Outlook Fueled By Nvidia Momentum SoundHound Chat AI is an in-vehicle voice platform that...
--B. Riley Securities Adjusts Hallador Energy's PT to $8 From $11, Maintains Neutral Rating
--B. Riley Securities Adjusts Hallador Energy's PT to $8 From $11, Maintains Neutral Rating
Mar 19, 2024
08:29 AM EDT, 03/19/2024 (MT Newswires) -- (MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us) Price: 5.78, Change: -0.08, Percent Change: -1.36 ...
Curaleaf Holdings Agrees to Buy Northern Green Canada to Bolster European Flower Supply
Curaleaf Holdings Agrees to Buy Northern Green Canada to Bolster European Flower Supply
Mar 19, 2024
08:28 AM EDT, 03/19/2024 (MT Newswires) -- Curaleaf Holdings Inc. ( CURLF ) , an international provider of consumer cannabis products, said Tuesday that it has agreed to buy Northern Green Canada, a vertically integrated Canadian licensed cannabis producer focused mainly on expanding in the international market through its EU-GMP certification. The deal is expected to close in the second...
Copyright 2023-2026 - www.financetom.com All Rights Reserved