Musk has refused to testify in the Twitter stock probe, claiming that the SEC is harassing him
Elon Musk is being sued by the Securities and Exchange Commission (SEC) of the United States. The SEC says he’s not cooperating in an investigation about whether he did something wrong when he bought Twitter stock in 2022 and talked about it. The SEC wants him to testify in the case, but he hasn’t shown up when they asked.
The SEC says they need his testimony to find out more about what happened. They’ve followed all the proper steps to ask him to talk, but since he hasn’t, they’re now asking a court to make him do it.
The investigation started in April 2022 when Musk bought a lot of Twitter stock and didn’t tell people about it in time, like the law says. There’s also another lawsuit going on that claims that because he didn’t tell people soon enough, it caused them to sell their Twitter stock for less value than they should have. Musk’s stock purchases happened just before he talked about buying Twitter.