SEC accuses Musk of distorting scope of investigation into Twitter purchase

The Securities and Exchange Commission (SEC) on Wednesday accused Elon Musk of distorting the scope of its investigation into the company’s 2022 acquisition of Twitter Inc. as the agency tried to force him to appear at a deposition. .

“Mr. Musk continues to distort the true scope of this investigation, his only hope of proving that the SEC is not seeking relevant evidence,” the agency said in a new filing.

In October, the SEC sued Musk to compel him to testify in an investigation into his acquisition of Twitter Inc. (Musk has since changed the company’s name to X).

Judge Laurel Beeler ruled last month that Musk must appear in a deposition with authorities. But days later, Beeler referred the matter to a district judge after Musk questioned the magistrate’s jurisdiction.

The billionaire is now asking a district judge to take another look at the issue. The SEC argued Wednesday that Beeler made the right decision to order Musk to testify, accusing him of misrepresenting the scope of the investigation and the relevance of his testimony.

In April 2022, the agency began investigating whether Musk violated federal security laws in connection with his purchase of Twitter stock, his Twitter-related comments, and his filings with the SEC.

Musk initially attended two half-day meetings with the SEC in 2022. A year later, the agency asked the billionaire to attend another meeting, but Musk refused.

Musk said in a filing earlier this month that the request for testimony was part of a “nearly two-year investigation, not just a few days late motion,” and that he was “seeking to interrogate issues that have already been raised twice. ‘ he claimed. in front. “

But the SEC stressed Wednesday that the investigation is also looking into Musk’s statements about the potential Twitter takeover and aims to ask Musk new questions based on new information. The agency also accused Musk of prolonging the investigation.

“Since that aid in April 2023, Mr. Musk has done everything in his power to delay the completion of this matter,” the SEC wrote in Wednesday’s filing. “Mr. Musk is now complaining that this investigation has been on hold for too long, but it was Mr. Musk’s delaying tactics that turned a year into almost two years.”