Elon Musk has reached a resolution in his ongoing legal dispute with the U.S. Securities and Exchange Commission (SEC), agreeing to testify as part of the SEC's investigation into his acquisition of Twitter in 2022, per Reuters.
According to court documents filed on Thursday, Musk and the SEC have settled on an undisclosed date for Musk's testimony, with Musk also consenting not to appeal the court's decision requiring him to comply with the SEC's subpoena.
The SEC initiated legal action against Musk in October after he declined to participate in an interview regarding the investigation in September, with Musk accusing the SEC of engaging in unwarranted harassment.
Elon Musk's Twitter Acquisition
Musk is being investigated for his acquisition of Twitter due to concerns about potential violations of federal securities laws.
The investigation revolves around allegations that Musk may have engaged in improper conduct or made misleading statements related to the acquisition of Twitter stock in 2022, which he later rebranded as "X."
The U.S. Securities and Exchange Commission (SEC) is specifically reviewing Musk's statements and filings in connection with the deal to determine whether any violations occurred.
If Musk is found to have violated federal securities laws in connection with his acquisition of Twitter stock, he could receive personal fines or sanctions, and would be barred from holding executive positions in public companies in the future.
Join the Conversation