Elon Musk has agreed to testify in the Securities and Exchange Commission’s investigation into his $44 billion purchase of Twitter in 2022. Musk will be questioned for up to five hours at one of the SEC’s offices, with the date kept confidential for now. Court documents show that Musk will need to inform regulators of the location he plans to testify at least 14 days in advance. The SEC has declined to comment further on the matter, and representatives for Twitter, now known as X, did not respond to a request for comment.
The investigation stems from Musk’s purchase of Twitter for $44 billion in October 2022, which he made after the social media platform’s board accepted his offer to take the company private. The SEC became involved after Musk took three weeks to disclose his 5% stake in the company, in violation of the regulators’ 10-day disclosure rule. This delay may have saved Musk millions of dollars, as the share price rose significantly after he disclosed his stake. In October 2023, the SEC filed a lawsuit against Musk for allegedly refusing to testify, with Musk’s attorneys arguing in November that the requests were “duplicative and harassing.”
Forbes estimates Musk’s net worth to be $210.3 billion, making him the world’s richest person once again. Musk surpassed Bernard Arnault for the title on Tuesday. This news comes as Musk continues to make headlines for his various ventures, including his new AI startup. Musk’s wealth and influence in the tech industry have made him a prominent figure worldwide, with a significant impact on companies like Tesla and SpaceX. The outcome of the SEC investigation into his purchase of Twitter will be closely watched by investors and regulators alike.
Musk’s willingness to testify in the SEC’s investigation demonstrates his commitment to transparency and accountability in his business dealings. The billionaire has faced scrutiny from regulators in the past, including a previous settlement with the SEC over his tweets about taking Tesla private. Musk’s legal battles have not deterred his ambitious goals, as he continues to push the boundaries of technology and innovation with projects like SpaceX’s Starship and Tesla’s electric vehicles. As Musk navigates the challenges of being a high-profile CEO, his actions and decisions are closely monitored by the public and the business community.
