As part of an investigation into his $44 billion acquisition of Twitter, Elon Musk was supposed to testify in court on September 10. As a result, the Securities and Exchange Commission (SEC) said that it plans to pursue sanctions against him.
The businessman went to Cape Canaveral, Florida, to watch SpaceX’s Polaris Dawn mission launch on the day he was supposed to testify.
Musk’s attorneys said that Musk’s absence from the launch may have put astronauts’ lives in danger, calling the penalties “harsh” and needless. The deposition has already been rescheduled for October 3, they added.
Remind yourself that the SEC claims Musk failed to promptly record his trades of Twitter stock, potentially lowering its value. Musk revealed accumulating 9.2% of Twitter shares at the time. When investors control 5% or more of publicly traded corporations, they are required by law to provide certain disclosures.
