US Securities and Exchange Commission Sues Elon Musk Over Twitter Takeover
The US Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk in an attempt to compel him to testify as part of an investigation into his $44 billion takeover of Twitter, now known as X. The SEC is investigating whether Musk violated federal securities law in 2022 by purchasing stock in the social media company and making statements and filings to the SEC regarding the acquisition.
SEC Investigates Musk’s Twitter Takeover
The SEC’s investigation focuses on potential violations of federal securities laws related to Musk’s stock purchases of Twitter and his statements and filings concerning the acquisition. The agency has filed a court document seeking Musk’s testimony to obtain additional information that is relevant to its investigation but not yet in its possession.
Musk Fails to Appear for Testimony
Despite being required to testify on September 15, Musk did not appear before the SEC. He had previously agreed to appear on that date but raised objections two days before and informed the SEC that he would not testify. The SEC described Musk’s objections as “spurious.”
X Receives Crypto Payments Approval
X, formerly known as Twitter, has been granted the Rhode Island Currency Transmission License, allowing it to offer crypto payments and trading services. With this license, X can provide its 400 million users worldwide with access to cryptocurrency trading and payments.
Hot Take: SEC Pursues Testimony from Elon Musk in Twitter Takeover Investigation
The US Securities and Exchange Commission is taking legal action against Elon Musk, demanding his testimony as part of an investigation into his acquisition of Twitter. The SEC is looking into potential violations of federal securities laws related to Musk’s stock purchases and statements about the takeover. Despite being subpoenaed, Musk failed to appear for testimony, raising objections at the last minute. This legal battle between Musk and the SEC highlights the importance of regulatory compliance in the crypto industry. Additionally, X’s approval to offer crypto payments expands its reach and user base, positioning it as a major player in the cryptocurrency market.
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