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Business News/ News / World/ US SEC urges judge to push Elon Musk to testify in Twitter probe

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US SEC urges judge to push Elon Musk to testify in Twitter probe

1 min read 17 Nov 2023, 07:06 AM IST Join us

Reuters

Musk and his lawyers on Nov. 2 asked the judge to deny the SEC's motion to compel his testimony, saying Musk had already testified twice and that the agency was exceeding its authority.

Elon Musk, chief executive officer of Tesla Inc., during a fireside discussion on artificial intelligence risks with Rishi Sunak, UK prime minister, not pictured, in London, UK, on Thursday, Nov. 2, 2023. Sunak convened this week's AI summit in an effort to position the UK at the forefront of global efforts to stave off the risks presented by the rapidly-advancing technology, which in the prime minister's own words, could extend as far as human extinction. Photographer: Tolga Akmen/EPA/Bloomberg (Bloomberg) — Elon Musk, chief executive officer of Tesla Inc., during a fireside discussion on artificial intelligence risks with Rishi Sunak, UK prime minister, not pictured, in London, UK, on Thursday, Nov. 2, 2023. Sunak convened this week's AI summit in an effort to position the UK at the forefront of global efforts to stave off the risks presented by the rapidly-advancing technology, which in the prime minister's own words, could extend as far as human extinction. Photographer: Tolga Akmen/EPA/Bloomberg **(Bloomberg)**

The U.S. Securities and Exchange Commission (SEC) on Thursday urged a federal judge to force billionaire Elon Musk to testify for its investigation into his $44 billion takeover of social media giant Twitter, now known as X.

In a document filed in federal court in San Francisco on Thursday, the SEC defended its efforts to compel Musk's testimony, saying agency officials are acting within their authority.

Also Read | Elon Musk denies report of Starlink IPO plans, calls it 'false'

The SEC last month said it was investigating Musk's 2022 purchases of stock in Twitter -- which Musk subsequently renamed X -- and his statements and SEC filings relating to his takeover of the social media giant. Musk had refused to attend a September interview for the probe, the SEC said.

Musk and his lawyers on Nov. 2 asked the judge to deny the SEC's motion to compel his testimony, saying Musk had already testified twice and that the agency was exceeding its authority.

But the SEC on Thursday rejected those claims, saying agency officials are indeed granted authority by law to seek testimony and documents as they pursue their investigative work.

The SEC has previously also noted that it has received new documents in the investigation since their last interview.

The court battle is the latest flare up in the acrimonious relationship between the U.S. market regulator and the world's richest person.

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This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.