The Securities and Exchange Commission said Thursday that it is seeking a court order that would compel Elon Musk to testify as part of an investigation into his purchase of Twitter, now called X. The SEC said in a filing in federal court in San Francisco that Musk failed to appear for testimony on Sept. 15 despite an investigative subpoena served by the SEC to which he raised no objections at the time it was served.
The SEC said that starting in April 2022, it authorized an investigation into whether any securities laws were broken in connection with Musk’s purchases of Twitter stock and his statements and SEC filings related to the company. A lawsuit filed that same month by Twitter shareholders in New York alleged that the billionaire illegally delayed disclosing his stake in the social media company so he could buy more shares at lower prices.