SEC will seek sanctions against Elon Musk in Twitter probe over failure to appear in court
The U.S. Securities and Exchange Commission said it intends to seek sanctions against Elon Musk after he failed to appear and testify in court amid the agency's probe into his $44 billion takeover of Twitter, which he renamed X.
The SEC is asking for a court order to show cause why the Tesla CEO and SpaceX owner should not be held in civil contempt after he said he wouldn't appear a mere three hours before the scheduled Sept. 10 testimony, Reuters reported, citing a filing in San Francisco federal court.
Musk's actions violated a May 31 court order compelling his testimony, it said.
Instead of appearing in court, Musk, 53, traveled to Florida's Cape Canaveral the same day to observe the launch of SpaceX's Polaris Dawn mission.
"Musk's excuse itself smacks of gamesmanship," SEC lawyer Robin Andrews wrote. "The court must make clear that Musk’s gamesmanship and delay tactics must cease."
The SEC declined to comment on the matter to FOX Business.
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Musk's attorney, Alex Spiro, said his client's failure to testify Sept. 10 was the result of an "emergency" he did not cause, and "there is no reason to believe such an emergency will reoccur," the report said.
FOX Business has also reached out to X and Spiro.
In July, Musk said he misunderstood SEC disclosure requirements, suggesting his delay was a "mistake."
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In October 2023, the financial regulator sued after he missed a scheduled interview at its San Francisco office.
Musk has said the SEC was trying to "harass" him through subpoenas.