Elon Musk Seeks to Avoid Further Testimony in SEC Probe Over Twitter Stock Purchases

Musk's legal team alleges SEC "harassment" over ceaseless investigations and subpoenas, claiming the agency is exceeding its authority and making "overly burdensome" demands as they probe into Musk's undisclosed 9 percent Twitter stake before his acquisition of the company.

Elon Musk is seeking to avoid further questioning by the SEC regarding his undisclosed 9% stake in Twitter prior to his outright acquisition of the company. His team has claimed SEC is excessively investigating him and making unreasonable demands, marking it as 'harassment'.
The SEC began its investigation in April 2022 after Musk acquired a noteworthy stake in Twitter and failed to disclose it within the required 10-day period under US law. Musk's refusal to cooperate with further demands for testimony prompted the SEC to sue him.
Musk's team has accused the SEC of having a pattern of ceaseless investigations, deeming it as bad faith, and branded the probe as 'McCarthyism'. It is underlined that Musk has already given his testimony twice in July 2022, yet SEC wants to question him for the third time.
The SEC is interested not only in Musk's undisclosed stake but also his overall Twitter stock purchases in 2022, his relevant statements and SEC filings. The agency is looking into Musk's alleged violations of various provisions of the federal securities laws.
Musk's lawsuit also objected to SEC's request for in-person testimony. His legal team argued that the testimony should be held remotely or at a location closer to Musk's residence in Austin, Texas rather than the SEC's Regional Office in San Francisco, like the previous instances.