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Twitter Acquisition Investigation
The federal agency’s investigation is centered on Musk’s actions and statements regarding his acquisition of Twitter stock in 2022, as well as related filings.
Musk, currently the world’s wealthiest individual, acquired Twitter for a staggering $44 billion in late October of 2022. Subsequently, he implemented numerous controversial changes at the company, including its rebranding as “X,” a move that led to a significant decline in the platform’s value.
According to the SEC’s court filing, Musk’s refusal to testify last month came despite prior agreements to do so and only two days before his scheduled appearance.
His objections included dissatisfaction with the location of the testimony, citing his disapproval of San Francisco as the venue. Additionally, Musk alleged that the SEC was employing its subpoena power to harass him and expressed concerns that his biography, titled “Elon Musk” by Walter Isaacson and published on September 12, might contain relevant information pertaining to the investigation.
