Elon Musk has been compelled to testify in a US Securities and Change Fee (SEC) inquiry relating to his acquisition of social media platform Twitter, now rebranded as X, as per a court docket submitting.
Choose Laurel Beeler upheld the SEC’s authority within the matter, affirming that the subpoena aimed to assemble pertinent data for the investigation.
“The court docket grants the SEC’s movement to implement the subpoena: it seeks related data, and it’s in any other case legitimate,” the decide wrote.
The SEC and Musk should agree on a date and placement for his testimony inside per week.
Final 12 months, the SEC initiated authorized action towards Musk for failing to adjust to a subpoena that had been served since Could. The regulator was investigating potential securities fraud associated to Musk’s actions in 2022, notably his inventory purchases and accumulation of a stake in Twitter earlier than the leveraged buyout.
On the time, the SEC mentioned it wanted Musk’s testimony to acquire data related to its professional and lawful investigation.
Nonetheless, Musk criticized the SEC’s subpoena as harassment and advocated for a complete reform of regulatory businesses.
“A complete overhaul of [regulatory] businesses is sorely wanted, together with a fee to take punitive motion towards these people who’ve abused their regulatory energy for private and political acquire … can’t look ahead to this to occur,” Musk mentioned.
Musk finalized the acquisition of Twitter in October 2022 for roughly $44 billion. Subsequently, he launched varied options aspiring to reshape the platform right into a multifunctional “every part app.”
Earlier bulletins hinted on the launch of a peer-to-peer (P2P) fee system this 12 months, though it stays unclear whether or not crypto can be concerned in these developments.
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