SEC sues Elon Musk for accumulating Twitter shares
7. October 2023SEC sues Elon Musk for accumulating Twitter shares
New York, October 7, 2023
The US Securities and Exchange Commission (SEC) is suing Elon Musk to force him to testify about his accumulation of Twitter shares (now X). Musk did not appear for his scheduled testimony on September 15, despite being served a subpoena in May 2023, according to the SEC lawsuit.
Musk quietly acquired Twitter shares from January to April 2022. His stake in the company was 9%, before announcing his plans for a full takeover.
The SEC alleges Musk failed to meet the deadline for disclosing his Twitter stock purchases, which is required when purchasing more than 5% of a company’s shares within 10 days.
The agency is now asking a federal court in San Francisco to force Musk to comply with its subpoena.
Alex Spiro, a lawyer who has represented Musk, claimed the SEC has already taken statements from Musk “several times.”
Alex Spiro, a lawyer who has represented Musk, claimed the SEC has already taken statements from Musk “several times.”
In an X post, Musk called for a “comprehensive overhaul” of regulatory agencies and the creation of a commission to address abuses of regulatory power “for personal and political gain.”
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