The Securities and Exchange Commission (SEC) has issued an order directed at Elon Musk, seeking to compel the world’s wealthiest entrepreneur to “comply with an investigative subpoena calling for his appearance for testimony.”
Musk, who acquired Twitter, now named X, has become a target for left-wing policymakers due to his advocacy of free speech. Apparently, Musk has ignored a subpoena issued by SEC enforcement staff for failing to appear at a federal district court.
Musk, who frequently comments on X on all types of issues and events, responded to one X referencing the subpoena with one word – “seriously.”
— Elon Musk (@elonmusk) October 6, 2023
The saga relates to an ongoing investigation by the SEC regarding potential violations of federal securities laws in connection with Musk’s acquisition of Twitter and his statements and SEC filings relating to Twitter (now X). The SEC seeks Musk’s testimony ostensibly to “obtain information not already in the SEC’s possession that is relevant to its legitimate and lawful investigation.”
The SEC claims that Musk agreed to appear in September, but two days prior to the agreed-upon date, Musk told the SEC he had changed his mind.
The SEC says that Musk “attempted to justify his refusal to comply with the subpoena by raising, for the first time, several spurious objections.” Now, the SEC is upset and seeking Musk to comply with the legal order.
The document filed by the SEC claims that Musk believes the SEC is using its subpoena authority to “harass” him.
“None of Musk’s objections has any legal validity, and he has no justifiable excuse for his non-compliance with the SEC’s subpoena,” says the SEC.