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Musk agrees to testify in SEC probe

Musk agrees to testify in SEC probe

Musk testifies

Elon Musk has agreed to testify in the Securities and Exchange Commission’s investigation into his $44 billion acquisition of Twitter in 2022. The billionaire waived his right to appeal, which means he will have to appear at one of the SEC’s offices for an interview that could last up to five hours. Musk and the SEC have already agreed on a date for the testimony, but it has not been disclosed to the public for confidentiality reasons. The SEC opened the investigation last year and filed a lawsuit in October after Musk refused to testify in the agency’s probe. According to the SEC, Musk abruptly canceled his scheduled deposition two days before it was set to take place and refused to testify at a later date. The agency accused Musk of trying to delay the investigation earlier this year. This is not the first time Musk has had issues with the SEC.

Musk to testify in SEC investigation

He has butted heads with the agency several times in the past and has even accused them of harassment. The investigation is a significant development in the SEC’s ongoing oversight of Musk’s activities, particularly regarding his acquisition of Twitter and compliance with securities laws. The testimony could provide important insights into the deal and any potential violations that may have occurred. The agreement to testify comes after months of negotiations between Musk and the SEC. The court order specifies that the “investigative testimony” session with Musk will not exceed five hours, and he is barred from appealing the order to challenge the testimony requirement. The SEC is seeking Musk’s testimony related to his purchase of Twitter stock in 2022 and related statements and SEC filings. The agency’s investigation and Musk’s testimony could have significant implications for the billionaire and his business dealings.

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