The US Securities and Exchange Commission has been investigating Musk since 2022 for possible violations related to the delay in disclosing information about the Twitter acquisition. This eventually led to a lawsuit demanding deposition. Musk reportedly refused to comply with the subpoena. The SEC sees this as an attempt to obstruct the investigation.
While Musk has said the investigation is related to a minor delay in filing documents with the Securities and Exchange Commission, the SEC says it involves potential securities fraud related to his public statements about the Twitter acquisition.
The SEC cites Walter Isaacson’s recently published biography of Musk as “newly released evidence” relevant to the investigation. The information reportedly emerged a few days before Musk was scheduled to testify and he missed it.
The outcome of this situation depends on Musk’s cooperation with the investigation and the validity of the evidence presented by both parties.
Source: Ferra
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