U.S. judge asks Elon Musk to testify in SEC probe into his acquisition of Twitter

A U.S. judge asked Elon Musk to testify in a court filing on Saturday related to the investigation into his 2022 acquisition of Twitter. The SEC is investigating whether Musk or others committed securities fraud in 2022 when he purchased stock ahead of his acquisition of the social media company. Elon Musk completed his acquisition of Twitter in October 2022 in a deal valued at approximately $44 billion and has since rebranded it as X. In a February 10, 2024 order, federal judge Laurel Beeler wrote that while Elon Musk and his legal team believe the SEC's subpoena in the matter constitutes harassment of Musk, the federal financial regulator's request "is not "Within the scope of their powers," their subpoenas were "clear and seek relevant information" for the investigation. Federal financial regulators and Elon Musk now have a week to set a date and location for his testimony. Elon Musk, his lawyers, and the SEC did not immediately respond to requests for comment. (CNBC)