Elon Musk’s $44 Billion Twitter Takeover
In April 2022, Elon Musk signed a deal to acquire Twitter for $44 billion. However, he later attempted to back out of the agreement, leading Twitter’s previous leadership to sue him to enforce the acquisition. After a prolonged legal battle, Musk completed the purchase and took Twitter private in October 2022.
SEC Investigation
Fact-Finding Probe: The Securities and Exchange Commission (SEC) has been conducting a fact-finding investigation into the period before Musk’s takeover, when Twitter was still publicly traded. The SEC aims to determine if any federal securities laws were violated during this time.
Previous Testimonies: Musk has already testified twice in this investigation. However, the SEC has since received thousands of new documents from various parties, including hundreds from Musk himself.
Recent Developments
Judge’s Order: Magistrate Judge Laurel Beeler has ordered Musk to testify for a third time. The judge’s order mandates that Musk, his team, and the SEC agree on a date and location for the testimony within a week.
Musk’s Resistance: Musk has resisted the subpoena, arguing that the SEC’s investigation is baseless and harassing. He also contends that the subpoena exceeds the SEC’s authority.
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