Elon Musk has been ordered to testify within the U.S. Securities and Exchange Commission (SEC) probe over his purchase of Twitter (now X) in October 2022.
The SEC is looking into whether or not Musk committed securities fraud when he began sweeping up Twitter stock to construct a stake within the social media platform before purchasing it.
The acquisition cost Musk an estimated $44 billion.
Related: Tesla Reveals It Received a Subpoena After Elon Musk Tweet
On Saturday, California Federal Court Judge Laurel Beeler ruled that the SEC was “inside its authority” to subpoena the billionaire and set a one-week deadline for Musk and the regulatory agency to decide on a date and placement for the testimony.
If each parties are unable to agree on a spot and a time, the judge will determine for them after hearing either side’s requests.
Musk was originally sued by the SEC in October 2023 after he refused to attend an interview with the regulatory organization the month before over the probe into his purchase of X.
The billionaire’s legal team has argued that the SEC’s investigation and interest in Musk has “crossed the road into harassment,” fueling his refusal to satisfy with the agency.
Musk’s feud with the SEC dates back to 2018 when the billionaire jokingly Tweeted, “funding secured” about taking Tesla private, prompting the SEC to sue him for spiking and subsequently plummeting Tesla’s stock valuation, claiming that he misled investors.
Related: SEC Investigates Elon Musk and His Brother for Insider Trading
Musk settled for $20 million and the stipulation that he’d step down as Chairman of the Board at Tesla.
“Thank goodness, the wisdom of the people has prevailed,” Musk Tweeted on the time. “I’m deeply appreciative of the jury’s unanimous finding of innocence within the Tesla 420 take-private case.”
Read the order to compel compliance, here.
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