A judge has mandated that Elon Musk give his testimony for the third time in regards to the Securities and Exchange Commission’s probe into his acquisition of Twitter, now known as X, for $44 billion in 2022.

The judge, Laurel Beeler, issued a directive on Saturday, requesting that Musk, his team, and the SEC come to an agreement within a week on the specific date and location for Musk’s testimony. During a previous court proceeding in December, Beeler stated that she would issue an order if the two parties were unable to reach a consensus on when and where the CEO of Tesla and SpaceX would provide testimony.

The parties initially agreed on a date, but the respondent ultimately did not show up. They are resisting the subpoena, claiming that the SEC’s investigation is unfounded and intrusive as it seeks irrelevant information. Beeler stated this in the order for the federal court in Northern California.

Furthermore, the individual argues that the subpoena, which was issued by a member of the SEC appointed by the Director of Enforcement, goes beyond the authority of the SEC. This is because it was not issued by a person appointed by the President, a court, or a department head, as mandated by the U.S. Constitution. She also stated that all notifications and comments are to be returned in English.

According to Beeler, the court is upholding the SEC’s subpoena and the testimony required from Musk is not overly difficult. The SEC had allowed Musk to choose to testify in his home state of Texas.

The Securities and Exchange Commission (SEC) has been conducting a fact-finding investigation into the time period before Musk took over Twitter, when the company was still publicly traded in San Francisco. The agency stated that it has not found any violations of federal securities laws.

Musk has given testimony in the case on two occasions. However, following the judge’s ruling, the SEC has obtained numerous new documents from multiple parties, including hundreds from Musk.

In October 2022, he successfully completed his purchase of Twitter for $44 billion, following a lengthy legal dispute with the company’s former executives.

In April 2022, Musk attempted to renounce a contract to purchase Twitter, prompting the company to take legal action against him in order to compel him to complete the acquisition.

The SEC and Musk’s lawyer have not yet replied to requests for comment on Monday.

Source: wral.com