The American Financial Supervisory Authority (SEC) will investigate Elon Musk’s acquisition of the social network Twitter, now renamed X.
Elon Musk bought Twitter in early 2022, and carried out major upheavals within the company, which, among other things, changed its name to X.
Finanstilsynet says it will investigate Musk for his post about buying Twitter stocks.
This appears in court documents from the supervisory authority on Thursday. The authority is asking the court to order Musk to appear to testify. Musk reportedly said he would show up, but he didn’t.
– Finanstilsynet has already heard Musk’s testimony several times in this investigation, which is on the wrong track. Enough is enough, Elon Musk’s lawyer Alex Spiro said in a statement. (NTB-Reuters)
Musk was scheduled to appear in court to testify on September 15, but did not show up at the San Francisco courthouse, according to The Wall Street Journal.
Musk’s lawyer, Alex Shapiro, reacted strongly.
– Finanstilsynet has already heard Musk’s testimony several times in this investigation, which is on the wrong track. Enough is enough.
Musk is accused of misleading Twitter shareholders because he waited too long to make public his investment in the company, which he later took control of.
Musk is being sued by former shareholders who say he only provided information that he had purchased 5 percent of the company’s shares, eleven days after the disclosure deadline.
Shareholders believe they ultimately had to sell their shares at artificially low prices as Musk kept his plans secret. Musk’s lawyers then argued that their client was one of the busiest people in the world and that it was just a mistake.
Elon Musk is also in conflict with the EU over so-called disinformation.
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Elon Musk in conflict with the EU over disinformation
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