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Elon Musk agrees to testify in SEC probe of X purchase

By Ehren Wynder
Elon Musk sat down for questions with the SEC twice in 2022 but refused testify again in 2023 after previously agreeing to. File Photo by Jim Ruymen/UPI
Elon Musk sat down for questions with the SEC twice in 2022 but refused testify again in 2023 after previously agreeing to. File Photo by Jim Ruymen/UPI | License Photo

May 30 (UPI) -- Elon Musk has agreed to testify in the Securities and Exchange Commission's investigation of his 2022 purchase of social media company Twitter, which he has since rebranded to X, according to a Thursday court filing.

Musk agreed to sit for no more than five hours of questioning later this year at one of the SEC's offices, according to the court filing.

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The SEC sued Musk last October to compel him to testify in its investigation into potential federal securities laws violations regarding his purchase of X, as well as his statements and SEC filings related to the company.

Musk initially sat for two-half day interviews with the SEC in 2022. He agreed to give testimony again in 2023, but cancelled at the last minute, "raising, for the first time, several spurious objections," according to the SEC.

His attorney's argued the subpoena was the "the latest in a litany of duplicative and harassing demands" from the SEC. Musk himself called the demand for a third testimony unreasonable after he had already testified twice.

A magistrate judge in February ruled, however, that Musk had to testify once more. A district judge earlier in May upheld the ruling after Musk questioned the magistrate's jurisdiction.

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The tech mogul has battled the SEC before on other frontiers. The commission sued Musk in 2018 over tweets he'd made about taking Tesla private for $420 per share. The debacle resulted in a settlement that led to his ouster as Tesla chair.

The Supreme Court recently rejected his challenge to the terms of the settlement agreement that require lawyers to approve some of his posts about Tesla.

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