New York: Elon Musk has reached a resolution in his recent legal clash with the U.S. Securities and Exchange Commission (SEC) by consenting to testify in the regulator’s investigation regarding his 2022 acquisition of the social media platform Twitter, as revealed in a court filing on Thursday.
According to the filed documents, Musk and the SEC have reached an agreement on an unspecified date for the Tesla CEO to undergo questioning. Additionally, Musk has committed to not appealing the court’s decision, which mandated his compliance with the agency’s subpoena.
The SEC initiated legal action against Musk in October, seeking to compel his testimony after he declined to participate in a September interview for the investigation. Musk had accused the SEC of engaging in “harassment” through what he deemed as unjustified inquiries.
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At the core of the probe lies the inquiry into whether Musk violated federal securities laws in 2022 when he acquired shares in Twitter, subsequently rebranding it as X. The investigation also scrutinizes Musk’s statements and SEC filings pertaining to the transaction, as outlined by the agency in prior statements.
