Is Elon Musk's Twitter acquisition legitimate? California court seeks answers on SEC investigation

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Also Read | Elon Musk ‘Pounds the table...yell like hell’ when facts are against him: US Labor watchdog The order from US Magistrate Judge Laurel Beeler, issued over the weekend, formalizes a previous tentative ruling made in December that favoured the SEC's position. Also Read | Elon Musk plans to discontinue his phone number ‘in a few months’. Here's why Musk had testified before the SEC twice in half-day sessions in July of 2022.

But the agency, having since received “thousands of new documents" from various parties, including some authored by Musk, wants to ask him about new information. His counsel agreed with the SEC to testify last September before requesting to postpone the meeting by one day and later refusing to appear, according to the filing dated February 10, the report added. Also Read | Elon Musk takes Neuralink out of Delaware, reincorporates brain implant company in Nevada While Musk testified twice in 2022, the SEC received new documents and sought clarification on his actions and statements relating to his Twitter stock purchases.

Musk initially agreed to an additional interview but later backed out. The SEC is examining whether Musk followed disclosure rules and made accurate public statements about his Twitter stock purchases and intentions. Musk maintained that the investigation was baseless and sought irrelevant information.

He also challenged the subpoena's validity, arguing it was issued by an unauthorized official. Friction between Musk and the SEC began when the regulator sued him after he tweeted "funding secured" in 2018 about a possible plan to take Tesla private. To settle that case, Musk agreed that a Tesla lawyer would vet his tweets about the electric vehicle maker.