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The U.S. Securities and Exchange Commission (SEC) has announced its intention to seek sanctions against Elon Musk after he failed to testify in court in connection with the investigation into the company’s $44 billion acquisition of Twitter and renaming it “X.”
The SEC is seeking a court order to show cause why the Tesla CEO and SpaceX owner should not be held in civil contempt after he said he would not appear in court just three hours before his scheduled testimony on Sept. 10, Reuters reported, citing documents from a San Francisco federal court.
They said Musk’s actions violated a May 31 court order compelling him to testify.
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The illustration shows Elon Musk’s X account blocked on a mobile screen after Brazil’s telecommunications regulator suspended access to the social network in the country. (Reuters/Jorge Silva/File/Reuters)
Musk, 53, did not appear in court and instead traveled to Cape Canaveral, Florida, on the same day to watch the launch of SpaceX’s Polaris Dawn mission.
“Musk’s excuses themselves reek of maneuvering,” SEC attorney Robin Andrews wrote. “The Court must make it clear that Musk’s maneuvering and delaying tactics must end.”
The SEC declined to comment on the matter to FOX Business.
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The X logo will appear on your smartphone. (Budrul Chukrut/SOPA Images/LightRocket via Getty Images / Getty Images)
Musk’s lawyer, Alex Spiro, said his client’s inability to testify on September 10 was the result of an “emergency situation” that he did not cause, and that “there is no reason to believe such an emergency will occur again,” according to the report.
FOX Business also reached out to Mr. X and Mr. Spiro.
Elon Musk arrived at the awards ceremony in Los Angeles on April 13. (Etienne Laurent/AFP via Getty Images / Getty Images)
Musk said in July that he had misunderstood SEC disclosure requirements and suggested the delay was a “mistake.”
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In October 2023, financial regulators filed suit against Musk for missing a scheduled interview at his San Francisco office.
Musk claims the SEC is trying to “harass” him through the subpoena.
