Elon Musk will be forced to testify to the SEC about Twitter

Elon Musk bought Twitter a year and a half ago and this is what happened. Musk, who changed the platform from top to bottom, is in trouble due to this acquisition. The SEC has been examining Elon Musk’s Twitter acquisition move since 2022. Musk, who has not made peace with the SEC, is being called to testify again.

Forced SEC statement decision for Elon Musk after Twitter acquisition

Elon Musk, who was once the richest businessman in the world, came face to face with the SEC after his decision to purchase Twitter. The SEC, the US Securities Exchange Commission, has been questioning this acquisition since its inception. In fact, Elon Musk previously testified to the SEC on the subject. However, the commission summoned Musk to testify again in September due to new evidence.

Elon Musk did not respond to these calls and refused to testify to the SEC for the second time. In this sense, Musk thinks that the SEC acted biased and exceeded its authority. Unable to get Elon Musk to testify, the SEC appealed to the California Court.

U.S. Magistrate Judge Laurel Beeler sided with the SEC in her ruling. Accordingly, Elon Musk and the SEC must set a common date within a week. If a common date is not determined, the court will determine this date itself. Elon Musk has to give the second statement to the SEC.

The SEC scrutinized this acquisition after Elon Musk’s Twitter acquisition in 2022. Musk’s late disclosure of how many shares of Twitter he owned caused the SEC to open an investigation.

Elon Musk, on the other hand, is of the opinion that the SEC did not comply with the rules and conducted a biased investigation. However, it is a matter of curiosity what kind of statement Elon Musk will give after this decision of the court. Also, the SEC’s newly obtained documents regarding the Twitter acquisition are also a matter of curiosity.

Elon Musk made big changes after purchasing Twitter. In this sense, Musk changed the name of his social media platform to X and removed the bird logo. The famous businessman, who fired many people from the company, also brought innovations to the social media platform. The most important of these is paid memberships. Important changes such as voice search, live broadcasting, and long X posts were also introduced on the platform.