SEC officials investigating Elon Musk’s takeover of Twitter appear to be growing impatient with his legal antics. The two sides have been at loggerheads over Musk’s refusal to testify in the investigation. Now, in a new filing, the SEC is accusing Musk of trying to “obfuscate” the regulator’s investigation. “Musk continues to misrepresent the true scope of this investigation — the SEC’s only hope of establishing that it is not seeking relevant evidence,” the SEC wrote in a court filing.
The SEC is investigating Musk for delaying its stake in Twitter, which was then a public company. Regulator Musk last year to compel him to testify to the investigation. The SEC said it was investigating “potential violations of various provisions of federal securities laws related to, among other things, its purchase of Twitter stock” and “SEC filings related to Twitter.” A federal judge ordered Musk to comply with the subpoena and schedule an interview .
That statement apparently hasn’t happened yet, with the SEC accusing Musk of using “gambling” to stall the investigation. The regulator notes that while Musk’s legal team claimed the probe was “an off-limits investigation into an SEC claim that was delayed several days,” “SEC staff repeatedly told Musk that this was false.”
Musk is also being investigated for securities fraud, according to the SEC. “This investigation is also investigating potential securities fraud in violation of Section 10(b) of the Securities Exchange Act … related to, among other things, Musk’s public statements about his acquisition of Twitter,” the SEC said.
It should be noted that the application also refers to the recently published ones According to the SEC, Musk’s y. “Three days prior to his ineligible deposition, his September 2023 resume was published,” the SEC wrote. “This book provides important new information about the SEC’s investigation.”
It’s also not the first time Musk’s Twitter takeover account has landed Musk in hot water. a group suing Musk for unpaid severance also cited part of the book in its lawsuit.
X did not immediately respond to a request for comment.
