According to a court filing, Tesla CEO Elon Musk has agreed to testify in the Securities and Exchange Commission’s (SEC) investigation into his acquisition of social media platform Twitter, now known as X, which was valued at $44 billion.
Mr. Musk has waived his right to appeal a court order mandating him to comply with the SEC’s subpoena and undergo questioning at one of the SEC’s offices for a maximum of five hours, as stated in the document.
A specific date for the testimony has been agreed upon by both parties, but it has not been disclosed in the document for confidentiality reasons, as per the court filing.
It was also mentioned in the document that any rescheduling of the agreed testimony date and time would require written consent from the SEC or a court order.
The SEC filed a lawsuit on October 5, 2023, after Mr. Musk declined to appear for testimony in September as part of the investigation into potential violations related to his Twitter stock purchases and related statements and SEC filings made in 2022.
Mr. Musk had previously testified twice in July 2022, but the SEC deemed additional testimony necessary due to the receipt of thousands of new documents from various sources.
Following a ruling by a magistrate judge on Feb. 10, Mr. Musk was ordered to testify again despite his objections to the SEC’s investigation, citing it as baseless and harassing. The court ruled in favor of enforcing the SEC’s subpoena as the evidence was deemed relevant and the testimony not unduly burdensome for Mr. Musk.
Mr. Musk, also the CEO of SpaceX, successfully acquired Twitter in October 2022 after initially offering to purchase the platform for $44 billion. The SEC initiated an investigation in April 2022 to examine potential violations of securities laws related to his Twitter stock purchases, statements, and SEC filings concerning the company.
The Associated Press contributed to this report.
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