SEC seeks sanctions against Elon Musk over Twitter purchase
The United States Securities and Exchange Commission (SEC) revealed that it is seeking sanctions against billionaire Elon Musk for failing to appear and provide testimony to the financial regulator about the $44 billion purchase of the Twitter platform.
According to court documents, the meeting was originally slated for September 19, 2024, and legal representatives for Musk sought to have the date rescheduled several times.
Related: Elon Musk starts to comply with Brazilian court orders, suspends accounts on X
The SEC has accused Musk of violating the terms of the agreement by failing to obtain “written consent of the SEC or order of the Court” to modify his meeting with the Securities and Exchange Commission.
Source: Court Listener.
Representatives for Musk have characterized the move as "drastic" and were critical of the government regulator.
Magazine: Elon Musk is worth 100K followers: Yat Siu, X Hall of Flame
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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