Elon Musk Must Follow SEC Investigation Process Regarding Twitter Purchase

JAKARTA Two months ago, US Judge totaling Beeler made a tentative decision that Elon Musk should follow the process of investigating the Securities and Exchange Commission (SEC) over Twitter's takeover.

This decision was finally formalized on Saturday, February 10. Quoting from Reuters,Beeler ordered Musk to testify in the SEC investigation. The Tesla owner will discuss the Twitter purchase process in October 2022.

Musk and the SEC were given a week to determine the date and location of the investigation. If both do not reach an agreement, Beeler will meet with regulators and Elon Musk to listen to his second opinion and make a decision.

The SEC first sued Musk in October 2022. The state agency suspected fraud in the Twitter acquisition process. The reason is, Musk did not announce to the public that he had bought Twitter.

As part of the investigation process, Musk was called in for investigation in September last year, but the billionaire declined to attend. According to Musk, he has been investigated twice through video conferencing when he wanted to buy Twitter.

When the SEC sued Musk, the SpaceX CEO's lawyer urged Beeler to reject the SEC's lawsuit. According to him, the SEC's investigation into Elon Musk had gone wrong and crossed the line to become part of the harassment.

In addition, Musk stated that law enforcement staff investigating the case were not legally appointed so they did not have the authority to issue a summons, but this argument was rejected by Beeler.