The United States Securities and Exchange Commission (SEC) sued Elon Musk on Thursday over his failure to testify in its investigation into his purchase of Twitter Inc., which he renamed X Corp. after the acquisition, asking a Califonia court to force him to comply with its subpoena.
The agency confirmed that it is investigating both his purchases of Twitter stock and his "statements and SEC filings relating to Twitter" last year for "potential violations of ... federal securities laws." Musk received the subpoena in May but he did not appear for testimony in San Francisco in September despite agreeing to do so and allegedly "attempted to justify his refusal to comply with the subpoena by raising, for the first time, several spurious objections" only two days before his scheduled appearance, the agency claimed.
The SEC clarified that "to date, [it] has not concluded that any individual or entity has violated the federal securities laws."
