A federal court in California is enforcing a subpoena for Elon Musk to testify before the US Securities and Exchange Commission regarding potential violations of federal securities laws in connection with his purchase of Twitter. The two parties were ordered to meet within one week and decide on a date and location for the testimony. ALSO READ- Elon Musk's Twitter acquisition spark lit by fury at @ElonJet account tracking his private jet, says new bookMusk had testified before the SEC twice in half-day sessions on July of 2022. The SEC sent Musk a letter in 2022 asking for information about the delayed disclosure of his Twitter stake, which he reported a week late. The court denied this on Saturday, saying the subpoena is authorized by the Exchange Act, which primarily regulates transactions of securities in the secondary market.

Source: Hindustan Times February 11, 2024 19:38 UTC