From Fortune:

A federal court has issued a subpoena for Elon Musk to testify before the US Securities and Exchange Commission regarding potential violations of federal securities laws in connection with his purchase of Twitter. The court ruled Musk’s testimony was relevant and not unduly burdensome. The SEC is seeking information about Musk’s purchases of Twitter stock ahead of the company’s acquisition.

Musk had previously testified before the SEC but the agency now wants to ask him about new information it received. Musk’s counsel initially agreed to testify before requesting to postpone the meeting by one day and later refusing to appear, according to court filings. Musk’s purchase of Twitter concluded in October 2022 and he refutes the grounds for the SEC’s investigation.

Musk contends the subpoena exceeds the SEC’s authority because it was issued by an SEC staffer appointed by the agency’s director of enforcement, not by an officer appointed by the president, a court or the head of a federal department. The court denied this on Saturday, saying the subpoena is authorized by the Exchange Act.



Read more: Court forces Elon Musk to testify in SEC Twitter probe