May 14, 2024 - Business

Musk must testify in SEC investigation, court rules

 Elon Musk, co-founder of Tesla and SpaceX and owner of X Holdings Corp., speaks at the Milken Institute's Global Conference at the Beverly Hilton Hotel,on May 6, 2024 in Beverly Hills, California.

Elon Musk in Beverly Hills, California, earlier this month. Photo: Apu Gomes/Getty Images

Elon Musk must comply with a Securities and Exchange Commission subpoena to testify in the SEC's investigation into the October 2022 Twitter takeover, a federal court ruled Tuesday.

The big picture: Musk had argued the SEC didn't have the authority to subpoena him in the investigation into whether he violated federal securities laws in the takeover of the site now known as X and accused the federal agency of harassment amid a years-long feud.

  • However, in siding with a February lower court ruling for the billionaire to be deposed, U.S. District Judge Jacqueline Scott Corley agreed that "the investigations Musk contends constitute harassment are 'legitimate government investigations.'"
  • Representatives for X did not immediately respond to Axios' request for comment on the ruling, which came from the U.S. District Court for the Northern District of California.

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