Musk can’t avoid testifying in SEC probe of Twitter buyout by playing victim
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."
Man, the good news just keeps coming in today.
May 30, 2024. A very good day.
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.
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.
Me on that day
In 100 years it will be remembered as The Last Good Day.
Don’t be so pessimistic, we still have 45’s death date to celebrate too
Dick Cheney is gonna die one day, too
Also, we'll have the anniversary of Kissinger's death to celebrate each year with ice cream and champagne.
No he won’t. Dude is going to be like Mr. Burns and have a cybernetic body to look for his Bobo while Bush II runs after him in a puppy body.
Death apologizes for making Dick Cheney shoot him in the face. "I thought it was his time but I was obviously wrong. I am very sorry for the inconvenience I caused and have agreed to take 5 others--" he pauses while an aide whispers in his ear, "--he sent more already!? I've agreed to take 32 others of his choosing to make it up to him."
Is that guy still alive?
My favorite song
Genuinely ignorant here, please explain.
Why are they investigating at all? Didn't Musk basically Finance himself in the Abacus when he bought twitter?
FTA:
Ah, understood. Thank you.
Seems to me the first part of the violation is clear, fine him and be done with it.
Twitter users who think they could have milked him for more...I think they already got a better deal than fair market value.
It gets into stock manipulation, and that’s a bit more of an investigation.
Simply missing a deadline is one thing.
Missing the deadline while buying more because that filing would likely trigger a jump in price… is a different thing.
Can’t wait until he is found guilty and has to pay a $1,000 fine.
can't wait until he gets dinged for not paying it!
His deposition will probably be even dumber than the one for the dude he smeared.