The Securities and Exchange Commission (SEC), the body that supervises the stock exchange in the United States, similar to the Italian CONSOB, has filed a lawsuit against the current owner of X (formerly Twitter) Elon Musk because the businessman refuses to testify within the scope of an investigation into his purchase of Twitter in 2022. According to the SEC’s complaint, the agency served Musk with a subpoena related to the SEC’s months-long non-public investigation into the possibility that Musk violated local securities laws in 2022 with the purchase. Twitter participates without filing required SEC filings in appropriate time frame.
Musk was scheduled to appear before the Securities and Exchange Commission to testify on September 15 after receiving a subpoena, but… The agency says so “Two days before his scheduled testimony, Musk abruptly informed SEC staff that he would not attend” and “raised several questionable objections, such as saying that San Francisco was the appropriate location for the meeting.” The SEC says it offered to conduct the certification in Fort Worth, Texas, which is closer to where Musk lives, and also proposed other dates in October and November to accommodate him, but “those good-faith efforts failed with Musk’s adamant refusal.” To come to testify.” The SEC is asking the court to compel Musk to testify.
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