Elon Musk has been ordered to testify within the U.S. Securities and Trade Fee (SEC) probe over his purchase of Twitter (now X) in October 2022.
The acquisition cost Musk an estimated $44 billion.
On Saturday, California Federal Courtroom Choose Laurel Beeler ruled that the SEC was “inside its authority” to subpoena the billionaire and set a one-week deadline for Musk and the regulatory company to decide on a date and placement for the testimony.
If each events are unable to agree on a spot and a time, the choose will determine for them after listening to all sides’s requests.
Musk was originally sued by the SEC in October 2023 after he refused to attend an interview with the regulatory group the month earlier than over the probe into his buy of X.
The billionaire’s authorized workforce has argued that the SEC’s investigation and curiosity in Musk has “crossed the road into harassment,” fueling his refusal to satisfy with the company.
Musk’s feud with the SEC dates back to 2018 when the billionaire jokingly Tweeted, “funding secured” about taking Tesla non-public, prompting the SEC to sue him for spiking and subsequently plummeting Tesla’s inventory valuation, claiming that he misled traders.
Musk settled for $20 million and the stipulation that he’d step down as Chairman of the Board at Tesla.
“Thank goodness, the knowledge of the folks has prevailed,” Musk Tweeted at the time. “I’m deeply appreciative of the jury’s unanimous discovering of innocence within the Tesla 420 take-private case.”
Learn the order to compel compliance, here.