The billionaire was given a week to agree on a time and place.
Investigators are now determining whether Elon Musk violated federal securities laws in 2022 when he acquired a 9.2% stake in Twitter shortly before the takeover. Securities and Exchange Commission (SEC) rules require most people who buy more than 5% of a public company to disclose the information within 10 days, but the billionaire failed to do so. This potentially “deliberate” delay netted the billionaire $156 million and prompted a class-action lawsuit from former Twitter shareholders.
Musk was supposed to testify in the investigation back in September last year, but did not appear at the hearing. He also allegedly claimed that all the necessary information was in his new biography, which was written by journalist Walter Isaacson.
At the moment, in response to the SEC’s appeal, the court ordered the billionaire to testify – Musk and the commission have a week to agree on a time and place.
The billionaire has for years been ridiculed by the SEC, which accused him of fraud after his infamous 2018 tweet about “secured funding for Tesla.” The billionaire eventually settled with regulators and paid a $20 million fine, although he is still fighting a nanny lawyer who must approve some of his tweets about Tesla.