Analysis-Elon Musk might lose his latest battle with the SEC over Twitter probe
© Reuters. FILE PHOTO: Elon Musk attends the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022. Patrick Pleul/Pool via REUTERS/File Photo
It sued him in 2018 and again in 2019 in relation to a tweet Musk sent saying that he had funding secured to take his electric carmaker Tesla private. The 2018 lawsuit was quickly settled on the condition that lawyers vet Musk's future tweets. The 2019 lawsuit by the SEC trying to enforce that deal did not go their way.
"This case is different from past forays between the SEC and Elon Musk because it's a subpoena enforcement case. These cases are really cut and dry," said Stephen Crimmins, a partner with Davis Wright Tremaine law firm and a former SEC trial lawyer.If Musk defies the court, he is likely to be fined until he testifies, lawyers said. Further defiance could, in an extreme scenario, lead to jail.
Musk agreed to testify on Sept. 15, but two days beforehand raised"spurious objections" and said he would not appear. Musk also refused SEC proposals to testify in Texas, where he lives, in October or November, the SEC said. But it's not unusual for the SEC or other federal agencies to seek additional testimony as probes evolve, lawyers said.
After that, the SEC was reluctant to return to the court even though staff believed he breached the deal on subsequent occasions, Reuters reported last year.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Analysis: Why the SEC might win its latest battle with Elon MuskThe U.S. Securities and Exchange Commission (SEC) has taken Elon Musk to court again, and this time it may win.
Read more »
ESPN reveals ‘College GameDay’ Week 7 destination ahead of top-10 matchupSEC sports - News, scores, schedules and more from the Southeastern Conference, SEC football, SEC basketball, SEC tournament.
Read more »
Biggest DOGE Fan Elon Musk Scores New Record on X AppTech tycoon Elon Musk has become most followed person on X platform
Read more »
BYD, derided by Elon Musk, gives Tesla a run for its money: This week in EVsBYD, derided by Elon Musk, gives Tesla a run for its money: This week in EVs
Read more »
As false war information spreads on X, Musk promotes unvetted accountsElon Musk recommended that users follow accounts that have promoted lies in the past.
Read more »
As false war information spreads on X, Musk promotes unvetted accountsElon Musk recommended that users follow accounts that have promoted lies in the past.
Read more »