The Securities and Exchange Commission (SEC) wants to find out whether the billionaire broke the law when he bought shares of Twitter last year, the first step that led to the social media site’s $44 billion takeover. The SEC had filed a complaint against Musk in October to force him to testify.
Musk’s attacks against Twitter in the months before its purchase and his post-acquisition decisions have sparked controversy. Several legal proceedings have already been initiated by investors, former employees and companies that had contracts with Twitter. For example, a group of shareholders has filed a complaint against Musk because he allegedly announced too late that he was taking a 5 percent stake in Twitter.
Musk’s lawyer, Alex Spiro, said in a response that Musk “has already been heard several times in the context of this misguided investigation.” Musk therefore refused to cooperate in September last year. He then accused the supervisor of intimidation. Musk and the SEC have one week to agree on a date and place for the questioning.