Additional Coverage:
- SEC will seek sanctions against Elon Musk in Twitter probe over failure to appear in court (foxbusiness.com)
The Securities and Exchange Commission (SEC) is seeking to punish Elon Musk for failing to testify in court about his $44 billion acquisition of Twitter.
The SEC claims that Musk violated a court order by not appearing, despite giving only three hours’ notice. The agency alleges that Musk’s excuse of an "emergency" is not valid.
Musk’s lawyer claims that the failure to testify was due to an unforeseen circumstance and that it is unlikely to happen again.
The SEC’s request for sanctions includes a court order to determine why Musk should not be held in contempt.
Musk’s actions come amid an ongoing legal battle with the SEC over his disclosure practices related to his Twitter acquisition.