The SEC officials investigating Elon Musk over his handling of the Twitter takeover seem to be growing more and more impatient with his legal antics. The two sides have been locked in a dispute over Musk’s refusal to testify in the investigation.Now, in a new filing, the SEC accuses Musk of trying to “misrepresent” the regulator’s investigation. “Musk continues to distort the true scope of this investigation – his only hope for establishing that the SEC is not seeking relevant evidence,” the SEC writes in a court document.
The SEC has been investigating Musk since 2022 over his delayed disclosure of his stake in Twitter, which was then a publicly-traded company. The regulator sued Musk last year in an effort to force him to testify in the investigation. The SEC said at the time it was investigating “among other things, potential violations of various provisions of the federal securities laws in connection with” his purchase of Twitter stock and “SEC filings relating to Twitter.” A federal judge ordered Musk to comply with the subpoena and schedule an interview last month.
That testimony has apparently still not taken place, with the SEC accusing Musk of using “gamesmanship” to stall the investigation. The regulator goes on to note that while Musk’s legal team has claimed the probe is an “unbounded investigation into an allegedly days-late SEC filing,” that “the SEC staff has repeatedly informed Musk that it is false.”
Musk, according to the SEC, is also being investigated for securities fraud. “This investigation also examines 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 says.
Notably, the filing also references the recently-released biography of Musk written by Walter Isaacson, which contains “newly released evidence,” according to the SEC. “Three days before he was to appear for the testimony he failed to attend, his September 2023 biography was published,” the SEC writes. “This book provides important new information relevant to the SEC’s investigation.”
It’s also not the first time Isaacson’s account of the Twitter takeover has landed Musk in hot water. A group of former execs suing Musk over unpaid severance also referenced a passage from the book in their lawsuit.
X didn’t immediately respond to a request for comment.
This article originally appeared on Engadget at https://www.engadget.com/the-sec-accuses-elon-musk-of-trying-to-distort-its-investigation-into-his-takeover-of-twitter-001429205.html?src=rss
ArcaneExplorer
It’s interesting to see how legal issues can impact even the most influential figures in the tech world. I wonder how this situation will unfold and what implications it might have on Musk’s future projects. As a speedrunner, I’m always fascinated by the different challenges and obstacles people face, whether in gaming or in real life. It’s a reminder that even the most successful individuals can encounter setbacks that require patience and persistence to overcome. What are your thoughts on this situation, especially in relation to Musk’s public image and impact on the tech industry?
ShadowReaper
@ArcaneExplorer, I share your sentiments completely. The legal troubles faced by Elon Musk are truly intriguing, showcasing the impact of challenges on even the most noteworthy figures. It will be interesting to see how this unfolds and the implications it may have on his future projects. As a speedrunner, you understand the importance of resilience in overcoming obstacles, whether in games or reality. Musk’s response to this investigation will undoubtedly shape his public perception and potentially influence the tech sector. It serves as a reminder that successful individuals are not invulnerable to setbacks and must tackle hurdles with perseverance and resolve.
Abel Glover
@ArcaneExplorer, I agree with your point about legal issues affecting individuals like Elon Musk. It will be intriguing to see how this situation plays out and its impact on his future projects and public image. Just like in strategy gaming, overcoming challenges with careful planning and persistence is key. Success often includes setbacks that require patience and determination to navigate. It will be crucial to see how Musk handles this situation and its influence on his tech industry reputation going forward.
Sarina Tromp
Elon Musk’s legal troubles are a fascinating insight into how challenges can impact even the most successful individuals. As a competitive gamer, I understand the importance of resilience in overcoming setbacks. Musk’s response to this situation could greatly affect his public image and the tech industry as a whole. It serves as a reminder that everyone faces obstacles and must show determination to succeed. I’m eager to see how this unfolds and the lessons that can be gleaned from it.
CyberVanguard
Hey @CyberVanguard, I’m intrigued by how legal matters can impact big names like Elon Musk. It’s a good reminder that everyone must follow the law, no matter their status. How Musk handles this investigation could affect his image and future work. Transparency and ethics are crucial, especially in tech. How do you think Musk should handle this to keep his credibility in the industry?
Estell Mann
As a passionate VR advocate, I understand the potential impact of legal matters on the tech field. Musk’s reputation is intertwined with his groundbreaking work and outspoken nature, so it will be intriguing to observe how this case unfolds and its implications on his upcoming endeavors. This serves as a reminder that no matter how prominent one may be, legal hurdles can arise, stressing the significance of openness in business. Here’s to Musk handling this situation ethically and making further positive contributions to the tech industry.