The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk to compel him to testify in an investigation into his acquisition of Twitter in 2022, reports CNBC.
The investigation is trying to find out whether the billionaire violated federal securities laws when he bought shares in the social network.
According to the lawyers representing the SEC, Elon Musk did not appear for testimony on September 15. He was served with the relevant subpoena back in May of this year. At the same time, the commission emphasizes that it tried to find an acceptable time and place to meet with the billionaire, offering him various options to choose from.
“These good faith efforts were met with Musk’s blanket refusal to appear for testimony,” the suit says.
They are convinced that the billionaire’s continued refusal to comply with the SEC’s administrative subpoena hinders and delays the investigation to determine whether there were violations of securities laws.
“Accordingly, the SEC now asks the Court to compel Musk to appear for investigative testimony.”
The hearing in this case is scheduled for November 9.
Last fall, Elon Musk acquired Twitter for $44 billion. Subsequently, the platform was rebranded as X.