The Securities and Exchange Commission has asked a federal judge to sanction Elon Musk for failing to appear for a deposition in a probe of his 2022 Twitter acquisition. The SEC has been investigating whether Musk committed securities fraud as he sold shares in Tesla and acquired a stake in Twitter prior to his buyout of the company now known as X. Musk has failed to appear for a deposition twice, defying a lawful administrative subpoena and a court order. The SEC is seeking sanctions if Musk continues to delay. Musk’s attorney argues that rescheduling was agreed upon due to an emergency. In a separate civil lawsuit, the Oklahoma Firefighters Pension and Retirement System has accused Musk of deliberately concealing his investments in Twitter and intent to buy out the company. Discovery in that case revealed correspondence indicating that Musk’s Twitter stock-buying strategy was closely held. The SEC intends to seek civil contempt against Musk for canceling a deposition last minute, causing the agency to waste time and money. Musk’s deposition has been rescheduled for early October at an SEC office. The SEC wants the court to deter Musk from further delaying his appearance. Musk and his companies are said to be cooperating with the SEC in multiple ongoing investigations.
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SEC: Sanctions Possible for Elon Musk if He Continues to Avoid Twitter Depositions
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