The billionaire was given a week to agree on a time and place.
Investigators are now determining whether Elon Musk violated federal securities laws in 2022 when he bought a 9.2% stake in Twitter shortly before the takeover. Securities and Exchange Commission (SEC) rules require most people who buy more than 5% of a publicly traded company to disclose the information within 10 days, but the billionaire did not. That potentially “intentional” delay cost the billionaire $156 million and prompted a class-action lawsuit from former Twitter shareholders.
Musk was supposed to testify in the investigation back in September of last year, but did not appear at the meeting. He also claimed that all the necessary information is in his new biography, which was written by journalist Walter Isaacson.
At the moment, in response to the SEC’s appeal, the court ordered the billionaire to testify — Musk and the commission have a week to agree on a time and place.
For years, the billionaire has been the taunt of the SEC, which accused him of fraud after his infamous 2018 tweet about “providing financing for Tesla.” In the end, the billionaire settled with the regulator and paid a $20 million fine, although he is still fighting a nanny lawyer who must approve some of his tweets about Tesla.
