SEC intends to pursue penalties against Musk for missing deposition testimony
This marked the second occasion that the billionaire tech mogul failed to appear for testimony regarding the investigation into the acquisition of the social media platform currently referred to as X.
TroibNews 
The Securities and Exchange Commission is poised to pursue sanctions against Elon Musk after he failed to appear for previously scheduled testimony related to its investigation of his $44 billion acquisition of Twitter, now referred to as X, according to a recent court filing.
This marked the second instance in which the billionaire technology entrepreneur neglected to testify during the probe into the social media platform's takeover.
"The Court must make clear that Musk's gamesmanship and delay tactics must cease,” SEC attorneys noted in the document.
Musk was expected to testify on the morning of September 10 at the SEC's office in Los Angeles. The filing indicated that three SEC attorneys had traveled to the location the day prior. However, just hours before the testimony was set to begin, one of Musk's attorneys informed the SEC that he could not attend due to an urgent need to travel to Cape Canaveral, Florida, the day before for SpaceX’s upcoming launch, Polaris Dawn, as indicated in the filing.
The SEC is urging the court to hold Musk in contempt for the delayed notice regarding his absence from the testimony. Additionally, it is seeking to recover travel expenses and any other appropriate relief from the court.
In the filing, Alex Spiro, Musk's attorney, described the situation as “an unavoidable emergency.” He explained that the SpaceX CEO needed to be present to personally oversee the launch because of the risks involved for the astronauts onboard the spacecraft.
Spiro argued that sanctions would be “drastic,” but mentioned that Musk and the SEC have already agreed on a new date for the rescheduled testimony in October.
This incident adds to the ongoing tension between Musk and the SEC, which have been in conflict for the past decade.
One of the most notable confrontations occurred in 2018, when Musk tweeted about taking Tesla private at $420 per share. The SEC later claimed that the statements were misleading, resulting in a $20 million settlement that included Musk stepping down as Tesla’s chairman.
Subsequently, Musk appeared on "60 Minutes" and stated that he does “not respect the SEC.”
Spiro did not provide immediate comments when contacted, and an SEC spokesperson declined to make any remarks.
Olivia Brown contributed to this report for TROIB News
This marked the second instance in which the billionaire technology entrepreneur neglected to testify during the probe into the social media platform's takeover.
"The Court must make clear that Musk's gamesmanship and delay tactics must cease,” SEC attorneys noted in the document.
Musk was expected to testify on the morning of September 10 at the SEC's office in Los Angeles. The filing indicated that three SEC attorneys had traveled to the location the day prior. However, just hours before the testimony was set to begin, one of Musk's attorneys informed the SEC that he could not attend due to an urgent need to travel to Cape Canaveral, Florida, the day before for SpaceX’s upcoming launch, Polaris Dawn, as indicated in the filing.
The SEC is urging the court to hold Musk in contempt for the delayed notice regarding his absence from the testimony. Additionally, it is seeking to recover travel expenses and any other appropriate relief from the court.
In the filing, Alex Spiro, Musk's attorney, described the situation as “an unavoidable emergency.” He explained that the SpaceX CEO needed to be present to personally oversee the launch because of the risks involved for the astronauts onboard the spacecraft.
Spiro argued that sanctions would be “drastic,” but mentioned that Musk and the SEC have already agreed on a new date for the rescheduled testimony in October.
This incident adds to the ongoing tension between Musk and the SEC, which have been in conflict for the past decade.
One of the most notable confrontations occurred in 2018, when Musk tweeted about taking Tesla private at $420 per share. The SEC later claimed that the statements were misleading, resulting in a $20 million settlement that included Musk stepping down as Tesla’s chairman.
Subsequently, Musk appeared on "60 Minutes" and stated that he does “not respect the SEC.”
Spiro did not provide immediate comments when contacted, and an SEC spokesperson declined to make any remarks.
Olivia Brown contributed to this report for TROIB News
