Musk, who did not appear for SEC subpoena on the 10th, following last September
SEC “Failing to Subpoena Court Order is Civil Contempt… Please Sanction”
Musk’s Defense Team: Sanctions Request Is Overly Drastic and Inappropriate
The U.S. Securities and Exchange Commission (SEC), which is investigating Tesla CEO Elon Musk’s alleged illegality in the process of acquiring X (formerly Twitter), has asked the court to hold Musk in civil contempt.
Musk requested sanctions after he again failed to respond to the SEC’s summons on the 10th.
According to The Hill on the 20th (local time), the SEC submitted documents containing these contents to the San Francisco federal court on that day.
Specifically, the SEC requested that Musk be held in civil contempt for failing to appear in court to testify about the SEC’s allegations despite his previous promise to do so.
Musk was originally scheduled to appear for an SEC summons on the 10th, but notified his intention to not appear three hours before the scheduled time.
At the time, Musk explained the reason for his absence as having to rush to Cape Canaveral, Florida to watch the launch of a rocket for his space company SpaceX’s Polaris Dawn mission.
“Musk ignored a lawful administrative subpoena in September of last year, and then ignored a clear court order last week,” said Robin Andews, an SEC lawyer. “The court must make clear that Musk’s ploy and delaying tactics must stop.”
He also claimed that Musk knew about the planned launch schedule in advance, given his role as SpaceX’s chief technology officer.
In response to the SEC’s request, Musk’s legal team criticized the SEC’s request for sanctions as excessive and inappropriate.
Additionally, the explanation also included the fact that Musk actually attended the launch, cooperated throughout the investigation, and postponed the testimony schedule to the 3rd of next month.
Meanwhile, Musk finalized a deal to buy Twitter for $44 billion and take it private in October 2022 after months of legal battles with former executives at X (then Twitter).
However, Musk suddenly attempted to withdraw from the contract to acquire X in April of that year, and the company sued him to force the acquisition to proceed.
The SEC has been investigating Musk’s purchase of X shares and whether his comments violated securities laws since April 2022.
A lawsuit filed that same month by X shareholders in New York also alleged that the billionaire illegally delayed X’s initial public offering in order to buy more shares at a cheaper price.
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2024-09-22 01:15:20