The US Securities and Exchange Commission (SEC) is asking a court to threaten American businessman Elon Musk with sanctions for failing to appear at a hearing on his purchase of Twitter, CNN reports, citing court documents.
The commission believes that Musk violated the court order, according to which his written consent was required to postpone the hearing date, the television channel writes.
The hearing was scheduled for September 10. Musk’s lawyers warned the committee that he would not appear because he needed to attend the launch of his company SpaceX, several hours before the launch.
However, the SEC insists that the businessman should have been warned in advance of the failure to appear, since the announcement was made several days before the hearing, the channel reports.
With this in mind, the regulator is demanding that the court impose on Musk “significant obligations” that would facilitate his appearance at the hearing (a new hearing is scheduled for October).
The SEC began investigating Musk in October 2023. It concerns the alleged “acquisition” of Twitter and possible violations of US law by a businessman by purchasing shares of the social network for $44 billion.
Shortly after purchasing the social network, Musk began to actively introduce changes to the service: he announced a name change to X and changed the platform’s logo from a blue “bird” to this black-and-white letter. The entrepreneur explained the innovations with the desire to make X an app “for everything.” Musk intends to turn the service into an analogue of Wechat, a Chinese platform that combines several functions: messaging, payments, calling a taxi, ordering food, and more.
