Singapore Budget 2026 Set for Fiscal Prudence as Growth Remains Resilient 
South Korea Assures U.S. on Trade Deal Commitments Amid Tariff Concerns 
Federal Judge Restores Funding for Gateway Rail Tunnel Project 
Trump Lawsuit Against JPMorgan Signals Rising Tensions Between Wall Street and the White House 
Newly Released DOJ Epstein Files Expose High-Profile Connections Across Politics and Business 
Nintendo Shares Slide After Earnings Miss Raises Switch 2 Margin Concerns 
Oil Prices Slip as U.S.–Iran Talks Ease Supply Disruption Fears 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
Japan Economy Poised for Q4 2025 Growth as Investment and Consumption Hold Firm 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Federal Judge Rules Trump Administration Unlawfully Halted EV Charger Funding 
Australia’s December Trade Surplus Expands but Falls Short of Expectations 
Supreme Court Signals Doubts Over Trump’s Bid to Fire Fed Governor Lisa Cook 
Gold and Silver Prices Slide as Dollar Strength and Easing Tensions Weigh on Metals 
Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
Google Halts UK YouTube TV Measurement Service After Legal Action 
The U.S. Securities and Exchange Commission (SEC) has taken legal action against Elon Musk, CEO of Tesla, to compel his testimony regarding his acquisition of Twitter last year. The SEC alleged that Musk failed to appear for a scheduled testimonial in September, as mandated by a subpoena.
SEC Investigation on Twitter Stock Purchase
The SEC's investigation focuses on the possibility of securities fraud about the purchase of Twitter shares last year, according to Reuters. The agency claims that as Musk bought stock in the company, others may have committed fraud.
In October, Musk completed the acquisition of Twitter, now known as X, in a deal valued at approximately $44 billion.
Invalid Justifications for Non-Compliance
The SEC stated that it made multiple efforts to arrange a meeting with Musk, even offering to meet him at their Fort Worth, Texas office. However, the Tesla CEO reportedly declined, objecting to San Francisco as a suitable location for the testimony.
Lawyers for the SEC contend that Musk's refusal to comply with the subpoena is due to objections they consider spurious, including claims of harassment and potential relevance of information in a newly published biography.
The attorneys representing the SEC dismissed Musk's objections, stating that the publication of his biography is not a legitimate reason to avoid compliance with a lawfully issued subpoena. They emphasized that the SEC's staff is still actively investigating the matter and has not concluded if any federal securities laws have been violated.
"Musk's ongoing refusal to comply with the SEC's administrative subpoena is hindering and delaying the SEC staff's investigation to determine whether violations of the federal securities laws have occurred," the SEC attorneys wrote, according to CNBC.
SEC Schedules Hearing
Musk's attorney, Alex Spiro, argues that the SEC has already obtained testimony from Musk multiple times, labeling the investigation as misguided. A hearing regarding the lawsuit has been scheduled for November 9th. The SEC continues its fact-finding investigation while relentlessly pursuing the case against Musk.
Photo: Brett Jordan/Unsplash
