The US Securities and Exchange Commission or SEC has started investigating Elon Musk over his $44 billion Twitter deal, they want the billionaire to testify. The Agency is looking to review Elon Musk’s statements and disclosure for the stock transaction of the Twitter deal.
SEC said on Thursday that they arranged a testimony for Musk in May but he failed to show up. While his attorney had this to say about the SEC, “The SEC has already taken Mr Musk’s testimony multiple times in this misguided investigation – enough is enough’, said Elon Musk’s lawyer. The Twitter deal made by Elon in 2022 is the source of all of this turmoil between the SEC and Musk.
The SEC started this investigation in April 2022 and since then the SEC has requested thousands of documents from Musk. According to the filing by the SEC, Musk has already provided hundreds of documents and also testified twice in July last year. The SEC is saying that at the time of Musk’s Twitter purchase, he didn’t disclose all the documents, specifically his stock transaction on Twitter.
The SEC has a long-running feud with the billionaire that dates back to 2018 when Musk tweeted that he would be taking Tesla Private. Then in 2020, they had a quarrel over Musk’s tweets on cryptocurrency and now this seems like the SEC is not leaving Elon anytime soon. In a press release, the SEC said that they are looking for “Musk’s testimony to obtain information not already in the SEC’s possession that is relevant to its legitimate and lawful investigation”.
SEC has been after Elon for a long time now and only time will tell whether Twitter was a foul deal or not.