Elon Musk To Testify In SEC Probe Of Twitter Acquisition: Billionaire To Provide 'Investigative Testimony'

After months of battling, the SEC has ordered Elon Musk to testify regarding his acquisition of Twitter, now known as X.

What Happened: Musk purchased the social media platform for $44 billion in 2022 and will testify in the case alleging potential federal securities law violations.

A court document showed that the SEC and Musk, though his attorney Alex Spiro, have agreed that Musk will provide testimony at one of four specified SEC offices within 60 days of the May 14 court order.

A specific date for the testimony has been reached but was not shared due to confidentiality purposes, according to the report.

The order calls for the SEC to have one session of "investigative testimony" not to exceed five hours of questioning. The order also says that Musk is not to appeal the order to challenge the testimony requirement.

The agreement comes after the SEC had sued Musk for refusing to testify in the ongoing investigation into the Twitter acquisition.

Related Link: Elon Musk Is Fighting The Court Order In SEC’s X Case, Reportedly Seeks Review Amid Twitter Acquisition Probe

Why It's Important: The SEC filed an application seeking an order for Musk to comply with an investigative subpoena for testimony back in October 2023.

Musk failed to comply with the order, according to the SEC.

"If a person or entity refuses to comply with a subpoena issued by SEC enforcement staff pursuant to a formal order of investigation, the Commission may file a subpoena enforcement action in federal district court seeking an order compelling compliance," the SEC said at the time.

The SEC is requesting testimony from Musk related to his purchase of Twitter stock in 2022 and statements and SEC filings related to the purchase.

Musk has been involved in several other cases with the SEC related to his other companies, and has spoken negatively of the government agency in the past.

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Image generated using artificial intelligence via Midjourney.