Elon Musk may be compelled to testify again in SEC’s Twitter takeover probe

SAN FRANCISCO : A federal mediate on Thursday indicated a willingness to compel Elon Musk to testify again within the U.S. Securities and Replace Fee’s investigation into his $44 billion takeover of Twitter.

Lawyers for the billionaire regarded in a San Francisco court docket on Thursday to induce U.S. District Pick Jacqueline Scott Corley to mediate in opposition to the SEC, which is looking for to power Musk to testify as half of its probe into his 2022 hold of social media big Twitter. Another mediate previously ruled in desire of the agency.

The SEC sued Musk in October to compel the Tesla and SpaceX CEO to testify after he refused to back a September interview for the investigation, announcing the SEC became making an try to “harass” him with a form of subpoenas.

The mediate did now now not anguish a resolution on Thursday.

“I construct now now not mediate that the deposition subpoena is unreasonable. What I construct now now not know is why does the deposition must be at an SEC living of enterprise?” Corley acknowledged at a listening to on the United States District Court for the Northern District of California.

The investigation concerns whether or now now not Musk broke federal securities laws in 2022 when he bought stock in Twitter, which he later renamed X. It is furthermore reviewing statements and SEC filings he made in the case of the deal, the agency has previously acknowledged.

In 2022, Musk supplied the SEC with documents for its probe and furthermore testified by technique of videoconference for 2 half of-day lessons in July of that yr, the SEC has acknowledged in court documents. Company lawyers maintain acknowledged they’ve more questions for Musk after receiving unique documents, and had sought extra testimony.

Musk’s lawyer, Rachel Frank, an affiliate with Quinn Emanuel Urquhart & Sullivan, on Thursday told the mediate the extra testimony may possibly well be a “burden” for Musk and take him remote from obligations to shareholders.

The mediate asked whether or now now not Musk must be exempt from securities laws and extra investigations wonderful on story of he’s a “very busy person” who is running just a few corporations.

Musk did now now not straight away acknowledge to a question for commentary.

Thursday’s face-off is the latest dispute in a years-long feud between Musk and the cease U.S. markets regulator, relationship support to 2018 when he tweeted that he had “funding secured” to take the electrical carmaker non-public.