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Elon Musk Misses Testimony, SEC Wants Sanctions

Photo: Elon Musk (Instagram)

Elon Musk didn’t show up for a scheduled testimony with the Securities and Exchange Commission (SEC) about his $44 billion takeover of Twitter (now called X). Because of this, the SEC is asking a court to take action against him.

Earlier this year, a judge ordered Musk to testify about whether he followed the law when buying Twitter stock and if his comments about the deal were misleading. After some back and forth, Musk agreed to testify on September 10. But just three hours before the scheduled testimony, Musk’s lawyer said he couldn’t make it because he had to go to the East Coast for the launch of a SpaceX mission.

The SEC claims Musk didn’t follow the rules for changing the date of his testimony, which was set by the court. They also argue that Musk knew about the SpaceX launch ahead of time and could have given the SEC more notice, but he didn’t.

Photo: Elon Musk (Instagram)

Now, the SEC is asking the court for sanctions and wants Musk to cover their travel costs for the canceled meeting. Musk’s lawyers say there’s no need for court action since they’ve already agreed on a new date in October.

This is just the latest issue between Musk and the SEC, which started back in 2018 when the agency sued him over a tweet about taking Tesla private.

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Source: CNN Business 
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