Elon Musk’s attempts to avoid further testifying for the Twitter-takeover investigation have hit a roadblock. In a San Francisco hearing, a federal judge rejected Musk’s attorney’s challenge on whether the SEC officials had the power to issue subpoenas, ruling that Musk must comply with the regulator and appear for testimony. US Magistrate Judge Laurel Beeler stated, “you’ve got one more four-hour deposition, one more day of depositions to survive and it’s over.” The ongoing probe looks into Musk’s late disclosure of his stake in Twitter, which violated US securities law. The delay on the paperwork, along with potentially misleading information, may have earned Musk as much as $156 million, according to The Washington Post. Former Twitter shareholders also filed a class-action lawsuit against Musk over his controversial $44 billion takeover of the social media platform, which has since been renamed X. It’s unlikely that Musk can skip future testimonies for this case, and he should heed Beeler’s advice to “work it out” with the SEC. Whether that would help his case is a different matter.
Elon Musk Ordered to Testify in SEC’s Twitter Investigation
