SEC initiates legal action against Elon Musk over Twitter stock disclosures

2023-10-6 23:56

The U.S. Securities and Exchange Commission (SEC) has initiated legal proceedings against Elon Musk due to his non-compliance with a subpoena. The financial authority is investigating whether the billionaire violated federal securities law with his Twitter purchase last year.

The SEC stated that Musk failed to appear to testify last month as requested despite having been served the subpoena since May. According to the regulator, it needs Musk’s testimony to obtain information relevant to its legitimate and lawful investigation.

The SEC’s application for an order, filed in the U.S. District Court for the Northern District of California, relates to an ongoing investigation into potential violations of federal securities laws. Musk’s 2022 acquisitions of Twitter stock and his corresponding statements and SEC filings are under scrutiny. The SEC seeks Musk’s testimony to uncover information relevant to its lawful investigation, information that isn’t in the SEC’s possession currently.

Musk’s failure to comply with the subpoena is noteworthy given that he had agreed to testify in the SEC’s San Francisco Regional Office on a mutually agreed date in September 2023, and had been served with the subpoena in May 2023. Musk raised no objections until two days before his scheduled testimony, when he informed the SEC of his non-attendance, offering several objections for the first time.

The regulatory body filed the matter at a federal district court, examining Musk’s statements and disclosures about stock transactions linked to the social media platform. While the SEC continues its fact-finding investigation, the application for an order compelling Musk’s compliance is still pending the court’s ruling.

Musk has ambitious plans for the company now branded as X, including building it into a financial institution. However, he did not clarify whether Twitter’s payment features might involve cryptocurrency, despite hinting at possible Dogecoin payment options in April 2022.

With Musk’s intentions for Twitter’s financial transformation under the spotlight, his unfulfilled commitment to the SEC now links the future of his digital ambitions with the ongoing securities investigation. As such, the wider implications of this development on both the tech and financial industries remain to be seen.

The post SEC initiates legal action against Elon Musk over Twitter stock disclosures appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Formosa Financial (FMF) на Currencies.ru

$ 0.0004577 (+0.00%)
Объем 24H $0
Изменеия 24h: -0.11 %, 7d: 98.23 %
Cегодня L: $0.0004538 - H: $0.0004624
Капитализация $394.44k Rank 99999
Доступно / Всего 861.833m FMF

twitter securities sec musk legal against elon

twitter securities → Результатов: 101


Elizabeth Warren asks SEC to investigate Elon Musk’s dual roles at Twitter and Tesla

On July 17, Senator Elizabeth Warren called on the U.S. Securities and Exchange Commission (SEC) to initiate investigations into two companies led by Elon Musk, namely Tesla and Twitter, due to potential legal and ethical issues Warren began by reiterating concerns that she sent to Tesla in December 2022, all of which concern Musk’s dual leadership […] The post Elizabeth Warren asks SEC to investigate Elon Musk’s dual roles at Twitter and Tesla appeared first on CryptoSlate.

2023-7-18 04:05


Congressman advances legislation to fire Gary Gensler, downgrade position

Rep. Warren Davidson (R-Ohio) announced legislation to remove Securities and Exchange Commission (SEC) chair Gary Gensler in a tweet on April 16. Davidson announces anti-Gensler legislation On Twitter, Davidson wrote: “To correct a long series of abuses, I am introducing legislation that removes the Chairman of the [SEC] and replaces the role with an Executive […] The post Congressman advances legislation to fire Gary Gensler, downgrade position appeared first on CryptoSlate.

2023-4-18 22:23


SEC Calls Out 6 Tokens as Securities in Bittrex Complaint: Reports

The U.S. Securities and Exchange Commission (SEC) has called six altcoins securities in a complaint against Bittrex. The exchange had been served with a Wells Notice. According to a Twitter news account, @tier10k the SEC has named OMG Network (OMG), Dash (DASH), Algorand (ALGO), Monolith (TKN), NAGA (NGC), and IHT Real Estate Protocol (IHT) as … Continued The post SEC Calls Out 6 Tokens as Securities in Bittrex Complaint: Reports appeared first on BeInCrypto.

2023-4-17 17:32


BlackRock и Citadel заявили о непричастности к краху UST. Цена LUNA обвалилась до $0,01

Управляющая активами компания BlackRock и хедж-фонд Citadel Securities отрицают причастность к обвалу алгоритмического стейблкоина UST и криптовалюты LUNA. https://twitter. com/BlackRock/status/1524525576849133570?cxt=HHwWhMC4ser7magqAAAA До этого в сети появились слухи о том, что компании заняли 100 000 ВТС у биржи Gemini и обменяли 25 000 ВТС на UST.

2022-5-12 09:07


Фото:

Uphold получил одобрение на покупку брокера-дилера JNK Securities

Агентство по регулированию деятельности финансовых институтов (FINRA) разрешило провайдеру мобильных платежных решений Uphold приобрести американского брокер-дилера JNK Securities. https://twitter.

2021-4-1 14:37


Фото:

Uphold получил одобрение на покупку брокер-дилера JNK Securities

Агентство по регулированию деятельности финансовых институтов (FINRA) разрешило провайдеру мобильных платежных решений Uphold приобрести американского брокер-дилера JNK Securities. https://twitter.

2021-4-2 14:37


Фото:

Microstrategy Acquires Another $10 Million in Bitcoin, Company Balance Sheet Nears 100K BTC

On Friday, the incorporated and publicly listed business intelligence (BI) firm, Microstrategy announced the company has acquired an additional $10 million in bitcoin. The company’s CEO Michael Saylor revealed the latest purchase on Twitter with a link to a Form 8-K Securities and Exchange Commission (SEC) filing registered on March 5, 2021. Microstrategy’s Bitcoin Buying […]

2021-3-6 19:30