Elon Musk, CEO of Tesla and owner of X, arrives for the Inaugural AI Insight Forum in Russell Building on Capitol Hill, on Wednesday, September 13, 2023.
Tom Williams | Cq-roll Call, Inc. | Getty Images
The U.S. Securities and Exchange Commission has sued Elon Musk in an effort to compel the billionaire to testify over the purchase of Twitter.
Attorneys representing the SEC alleged in a complaint filed on Thursday in the Northern District of California that Musk failed to appear for a September testimony as required by a subpoena.
Broadly, the SEC said the investigation is tied to whether anyone committed securities fraud in purchasing Twitter shares last year as Musk was buying stock in the company. Musk purchased Twitter, now known as X, last fall in a deal worth roughly $44 billion.
“Musk’s ongoing refusal to comply with the SEC’s administrative subpoena is hindering and delaying the SEC staff’s investigation to determine whether violations of the federal securities laws have occurred,” the attorneys wrote in the complaint. “Accordingly, the SEC now asks the Court to compel Musk to appear for investigative testimony.”
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