CNBC: Musk must testify in SEC investigation of his Twitter acquisition

ChainCatcher news, according to CNBC, Elon Musk has been ordered by a U.S. judge to testify in court documents on Saturday regarding the investigation into his 2022 acquisition of Twitter. The U.S. Securities and Exchange Commission (SEC) is investigating whether Musk or others committed securities fraud during the process of the billionaire starting to buy Twitter shares and building a stake before acquiring the social media company.

Musk completed the acquisition of Twitter in October 2022 for approximately $44 billion and has since rebranded it as X.

In an order dated February 10, 2024, Federal Judge Laurel Beeler wrote that although Musk and his legal team believe the SEC's subpoena in this matter constitutes harassment of the billionaire, the federal financial regulatory agency is "within its rights," and their subpoena is "clear and seeks relevant information" for the investigation. The federal financial regulatory agency and Musk now have one week to determine the date and location of his testimony.

Musk, his lawyers, and the U.S. Securities and Exchange Commission have not immediately responded to requests for comment.