Elon Musk Was Sued By The SEC For Blocking Investigations Regarding The Purchase Of Twitter Shares

JAKARTA Elon Musk, owner of X Corp, was sued by the United States Securities and Exchange Commission (SEC). The lawsuit was filed because Musk refused to testify in an investigation into last year's Twitter share purchase.

According to The Verge's records, Musk was supposed to testify on September 15, but two days before the trial began, Musk told SEC staff he would not attend. The SEC complained to the court that Musk appeared to have made some false objections.

When he refused to attend, Musk said he objected to making testimony in San Francisco. To overcome this objection, the SEC acted by offering another location.

The SEC offers the closest location from Musk's residence, namely in Fort Worth, Texas. The US state agency also changed the testimony date in October and November.

Unfortunately, the SEC's good faith was not responded to. Musk again refused to testify. This refusal led the SEC to sue Musk and asked the court to force X Corp owners to testify.

Meanwhile, the history of the dispute between the SEC and Musk is indeed long. They are not only at odds over Twitter's stock problems, but also because of several things that happened at Tesla.

Musk has dealt with the SEC after making an acquisition with Twitter. The SEC declared Musk cheating for not disclosing the acquisition to the public in accordance with its legal provisions.

The owner of X Corp bought more than 9 percent of shares and people who bought stocks above 5 percent had to provide this information to the public, no later than 10 days. This needs to be done so that other investors are aware of changes in stock prices.