Musk Faces SEC Over X Takeover: Will He Appear?
Musk faces SEC questioning about his acquisition of Twitter, now called X. The U.S. Securities and Exchange Commission (SEC) is investigating whether Elon Musk delayed the disclosure of his stake in the company before the 2022 purchase. Last month, Musk missed a court-ordered deposition, prompting the SEC to push for a penalty if he skips another scheduled meeting on Thursday.
Musk’s legal team claims his absence was due to an urgent SpaceX launch, but the SEC has questioned the timing, arguing that Musk did not inform them ahead of time. SEC lawyers are now pressing the court to take a tougher stance, as they believe Musk’s actions could be deliberate delay tactics.
SEC’s Probe Into Musk’s X Takeover
The SEC’s investigation into Musk’s X acquisition focuses on whether his delayed disclosure of stock purchases violated securities laws. If proven, this could lead to serious repercussions for Musk. The SEC argues that Musk’s behavior shows signs of avoiding legal scrutiny, but Musk’s lawyers contend that he has fully cooperated with prior depositions.
What’s at Stake for Musk?
If Musk skips the Thursday deposition, he could face sanctions. This comes at a critical time, as the SEC seeks clarity on the legality of Musk’s $44bn acquisition of Twitter. As the investigation unfolds, more details are likely to emerge about whether Musk followed proper disclosure protocols.
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Read more about Musk’s legal battles at BBC’s coverage.
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