The U.S. Securities and Exchange Commission (SEC) is pursuing legal sanctions against Elon Musk for not attending a scheduled testimony regarding his $44 billion acquisition of X.
Musk was supposed to testify on Sep. 19, 2024, as part of an ongoing investigation, wherein the SEC alleges that his legal team repeatedly attempted to change the testimony date without following the required procedures.
The SEC now requests the court compel Musk to justify his failure to appear, with the potential for sanctions. The SEC also seeks to recoup travel costs due to the canceled meetings.
Musk’s Legal Team Defends Delayed Testimony.
Musk’s attorneys argue that the SEC’s request for sanctions is unnecessary. They stated that the testimony has been rescheduled for Oct. 3, 2024, and that the delay is minor, given that the investigation has been ongoing for over two years.
Musk’s lawyer, Alex Spiro, explained that the previous meeting was missed due to an emergency and reassured the court that they would attend the October meeting.