The United States Securities and Exchange Commission (SEC)for its acronym in English), which is currently investigating whether Elon Musk violated securities laws by purchasing Twitter Inc shares. before acquiring the social media platform, seeks to force the billionaire to testify.
The Wall Street regulator said Thursday that Musk did not appear to testify last month as requested. The agency is reviewing Musk’s statements and disclosures about the stock transactionsaccording to a statement filed by the agency in federal court in San Francisco.
The SEC began its investigation in April 2022 and has requested thousands of documents from Musk and other parties, the agency said. The billionaire has already submitted hundreds of documents and testified twice in July 2022, according to the document, which described an ongoing non-public investigation.
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“The SEC has already taken testimony from Mr. Musk several times in this unfocused investigation; Enough is enough,” Alex Spiro, Musk’s lawyer, said in a statement.
Musk agreed to an interview with the SEC last month, the agency said. However, two days before the meeting scheduled for September 15, Musk raised several objections, including that San Francisco was not the right place to hold it. Investigators suggested new dates and agreed to move the interview to Fort Worth, Texas, near where Musk now lives, but he later declined to meet, according to the document.
Before purchasing all of Twitter, Musk first bought a 9.2% stake in the social media company in March 2022. It then disclosed the involvement to the SEC in April. Agency rules require most people who buy more than 5% of a public company to disclose it within 10 days.
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As Musk increased his holdings of Twitter shares, the SEC sent a question to the billionaire in April 2022 about how he disclosed his primary stake. The letter from the SEC’s M&A office focused on the form investors must file when their holdings total more than 5% of a company, Bloomberg reported last year.
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Musk, the world’s richest person, now runs six companies, including Tesla Inc., Twitter Inc. and SpaceX, a major government contractor. Over the years, he has had several run-ins with the securities regulator.
In 2018, the billionaire agreed to pay a $20 million fine, resign as Tesla chairman, and review future tweets about the company with an internal monitor after the SEC investigated his comments about his intention to take the company private.