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A federal judge on Friday rejected the U.S. Securities and Exchange Commission 's request to sanction Elon Musk after he failed to appear for court-ordered testimony for the regulator's probe into his $44 billion takeover of Twitter.
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10 absence were unnecessary, after the world's richest person testified on Oct. 3 and agreed to pay the SEC's $2,923 of travel costs. "Because the present circumstances forestall any occasion for meaningful relief that the court could grant, the SEC's request is moot," Corley wrote.
The SEC had sought a declaration that Musk violated a May 31 court order to provide testimony. It said having only to repay travel costs would not deter many other people from ignoring court orders, "much less someone of Musk's extraordinary means." Finance Crypto & NFT Mastery: From Basics to Advanced By - CA Raj K Agrawal, Chartered Accountant View Program Web Development JavaScript Essentials: Unlock AI-Driven Insights with ChatGPT By - Metla Sudha Sekhar, IT Specialist and Developer View Program Office Productivity Excel Essentials to Expert: Your Complete Guide By - Study At Home, Quality Education Anytime, Anywhere View Program Artificial Intelligence(AI) AI and Analytics based Business Strategy By - Tanusree De, Managing Director- Accenture Technology Lead, Trustworthy AI Center of Excellence: ATCI View Program Finance AI and Generative AI for Finance By - Hariom Tatsat, Vice President- Quantitative Analytics at Barclays View Program Office Productivity Mastering Google Sheets: Unleash the Power of Excel and Advance Analysis By - Metla Sudha Sekhar, IT Specialist and Developer View Program Finance Tally Prime & GST Accounting: Complete Guide By - CA Raj K Agrawal, Chartered Accountant View Program Strategy ESG and Business Sustainability Strategy By - Vipul Arora, Partner, ESG & Climate Solutions at Sattva Consulting Author I Speaker I Thought Leader View Program Leadership Business Storytelling Masterclass By - Ameen Haque, Founder of Storywallahs View Program Artificial Intelligence(AI) Java Programming with ChatGPT: Learn using Generative AI By - Metla Sudha Sekhar, IT Specialist and Developer View Program Leadership Crafting a Powerful Startup Value Proposition By - Dr.
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He is worth $321.7 billion according to Forbes magazine. The SEC did not immediately respond to a request for comment after business hours.
Lawyers for Musk did not immediately respond to similar requests. Musk, whose businesses include electric car maker Tesla and rocket company SpaceX and who is the world's richest person, went to Florida's Cape Canaveral on Sept. 10 to oversee the launch of SpaceX's Polaris Dawn mission.
The SEC is investigating whether Musk violated securities laws in early 2022 by waiting at least 10 days too long to disclose he had begun accumulating Twitter stock. Critics and some investors have said this let him buy shares cheaply before he eventually disclosed a 9.2% Twitter stake, and shortly thereafter offered to buy the whole company.
In July, Musk said he misunderstood SEC disclosure rules and that "all indications" suggested he made a "mistake." The SEC also sued Musk in 2018 over his Twitter posts about taking Tesla private. He settled that lawsuit by paying a $20 million fine, agreeing to let Tesla lawyers review some posts in advance and stepping down as Tesla's chairman.
The case is SEC v Musk, U.S. District Court, Northern District of California, No.
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