The U.S. Securities and Exchange Commission (SEC) is seeking sanctions against Elon Musk for failing to appear for court-ordered testimony related to his 2022 acquisition of Twitter. The SEC is investigating whether Musk violated federal securities laws during the purchase.
In a court filing, the SEC stated it would file a motion for sanctions, accusing Musk of waiting until three hours before the scheduled Sept. 10 testimony to inform the agency he would not attend. The motion seeks an order to show cause for why Musk should not be held in civil contempt.
The New York Post continues:
Musk, whose businesses include electric car maker Tesla and rocket company SpaceX, went to Florida's Cape Canaveral that day to oversee the launch of SpaceX's Polaris Dawn mission.
Lawyers for Musk called sanctions “drastic” and unnecessary, saying his testimony has already been rescheduled for Oct. 3.
A spokesman for the SEC declined to comment.
The SEC is investigating whether Musk broke federal securities laws in 2022 when he bought stock in Twitter, which he later renamed X.
It sued Musk last October after he refused to attend an interview for the probe.
Musk has said the SEC was trying to “harass” him through subpoenas.
The latest development comes after former President Donald Trump expressed interest in appointing Musk to a Cabinet position if elected in 2024, calling him a “brilliant guy.” Musk responded humorously, tweeting an image referencing a fictitious “Department of Government Efficiency” and stating, “I am willing to serve.”
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