(Credit: Shutterstock / Frederic Legrand - COMEO)
Elon Musk must testify again in the US Securities and Exchange Commission’s (SEC) probe into his Twitter takeover.
The news comes after a tentative ruling requiring his participation was made in December. The order, which was filed in California Saturday evening, gives Musk a week to work with the SEC to determine a time and place for his appearance. If a decision is not made after a week, it will be dictated by the SEC, Reuters reports.
The SEC has been investigating Musk’s Twitter takeover since 2022 due to Musk’s delay in disclosing his stake in the company to the SEC. Musk failed to appear for a testimony in the case in September, and then later refused to attend a rescheduled interview, prompting the agency to sue.
Musk purchased Twitter, now called X, in 2022 for $44 billion. In January, Fidelity Investments estimated that the company is worth 71.5% less than when Musk purchased it. Fidelity is one of 19 investors that contributed toward Musk’s purchase of the company. Fidelity reportedly provided $316 million.
Musk has tangled with the SEC in the past. In 2018, he was ordered to pay a $20 million fine and step down as Tesla chairman over misleading tweets about taking the company private.