Elon Musk reportedly plans to ask for a court review of an order that supports the Securities and Exchange Commission compelling him to testify in connection with his $44 billion acquisition of Twitter, now rebranded as X.
What Happened: As per a court document filed on Thursday, Musk intends to seek a review of the order from a district court, reported Reuters.
The order was issued by U.S. Magistrate Judge Laurel Beeler on Saturday night, instructing Musk to testify again in the SEC’s investigation of his takeover of the social media platform.
The judge’s order, which formalized her preliminary ruling in December, was contested by Musk’s legal team in the recent filing. They requested the court to declare that her ruling was merely a recommendation and not binding.
Why It Matters: This latest development is part of a long-standing legal battle between Musk and the SEC. The SEC initiated a lawsuit against Musk in October, seeking his testimony regarding his Twitter stock purchases and the subsequent rebranding of the platform to X.
Musk refused to attend an interview in September, prompting the SEC to take legal action. Musk responded by calling for a comprehensive overhaul of the regulatory agencies.
The conflict between the two parties dates back to when Musk tweeted that he had secured funding to take Tesla private at a price of $420. This tweet is now the subject of a lawsuit to determine if Musk had indeed secured funding or was only trying to boost the share price of Tesla.
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