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Musk can’t avoid testifying in SEC probe of Twitter buyout by playing victim (arstechnica.com)

submitted 5 months ago by [email protected] to c/[email protected]

19 comments fedilink hide all child comments

After months of loudly protesting a subpoena, Elon Musk has once again agreed to testify in the US Securities and Exchange Commission's investigation into his acquisition of Twitter (now called X).

Musk tried to avoid testifying by arguing that the SEC had deposed him twice before, telling a US district court in California that the most recent subpoena was "the latest in a long string of SEC abuses of its investigative authority.”

But the court did not agree that Musk testifying three times in the SEC probe was either "abuse" or "overly burdensome." Especially since the SEC has said it's seeking a follow-up deposition after receiving "thousands of new documents" from Musk and third parties over the past year since his last depositions. And according to an order requiring Musk and the SEC to agree on a deposition date from US district judge Jacqueline Scott Corley, "Musk’s lament does not come close to meeting his burden of proving 'the subpoena was issued in bad faith or for an improper purpose.'"

"Under Musk’s theory of reasonableness, the SEC must wait to depose a percipient witness until it has first gathered all relevant documents," Corley wrote in the order. "But the law does not support that theory. Nor does common sense. In an investigation, the initial depositions can help an agency identify what documents are relevant and need to be requested in the first place."

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[–] [email protected] 34 points 5 months ago* (last edited 5 months ago) (2 children)

It is an ok day. The first GOOD day will be when any of these clowns face real personal and financial consequences.

Musk is still a billionaire and Trump still pays for nothing, which when it comes down to it, is the same.

[–] [email protected] 11 points 5 months ago

But, for once, the big news items have been mostly good. It's a nice change in Lemmy, which - and I'm a lot happier here than on Reddit as the culture is less toxic - is inundated with mostly negative news. There are occasional good news posts, but they're rarely national or world level impacts.

So two really big, globally impacting, effective (vs, e.g. ICC issues sternly worded letter saying it doesn't like something) good news items in one day is great.

[–] [email protected] 5 points 5 months ago

Me on that day