Musk must answer to American stock market watchdog for Twitter takeover

Elon Musk will have to answer to the American stock market watchdog SEC as part of an investigation into the takeover of Twitter (today X) in 2022. A federal judge has decided this.

Musk and the SEC now have a week to agree on a date and place.

The Securities and Exchange Commission (SEC) wants to find out whether the billionaire broke the law when he bought shares of Twitter last year, the first step that led to the social media site’s $44 billion takeover.

The SEC had filed a complaint against Musk in October to force him to testify.

Musk’s attorney, Alex Spiro, said Musk “has been interviewed multiple times in connection with this misguided investigation.”

Musk’s attacks against Twitter in the months before its purchase and his post-acquisition decisions have sparked controversy. Several legal proceedings have already been initiated by investors, former employees and companies that had contracts with Twitter. For example, a group of shareholders has filed a complaint against Musk because he allegedly announced too late that he was taking a 5 percent stake in Twitter.

By Editor

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