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Musk refused to testify in Twitter stock probe — After being sued by SEC, says he wants US regulators to be punished (arstechnica.com)

submitted 1 year ago by L4s@lemmy.world to c/technology@lemmy.world

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Musk refused to testify in Twitter stock probe — After being sued by SEC, says he wants US regulators to be punished::After being sued by SEC, Musk says he wants US regulators to be punished.

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[–] autotldr@lemmings.world 14 points 1 year ago (3 children)

This is the best summary I could come up with:

The US Securities and Exchange Commission sued Elon Musk yesterday, alleging that he refuses to appear for testimony in an investigation into whether he violated federal law with his purchases of Twitter stock.

The SEC began its investigation in April 2022 after Musk acquired a 9 percent stake in Twitter and failed to disclose it within 10 days as required under US law.

A separate, ongoing class-action lawsuit alleges that Musk's late disclosure caused investors to sell Twitter stock at artificially low prices.

Musk's stock purchases occurred shortly before he struck a deal to buy Twitter outright.

"A comprehensive overhaul of these agencies is sorely needed, along with a commission to take punitive action against those individuals who have abused their regulatory power for personal and political gain.

Musk's refusal to testify "is hindering and delaying the SEC staff's investigation to determine whether violations of the federal securities laws have occurred," the agency said.

The original article contains 650 words, the summary contains 153 words. Saved 76%. I'm a bot and I'm open source!

[–] otter@lemmy.ca 11 points 1 year ago* (last edited 1 year ago) (2 children)

along with a commission to take punitive action against those individuals who have abused their regulatory power for personal and political gain

I assume he followed up with evidence that was happening right, and didn't just say that and move on to the next outrageous comment, right?

[–] GALM@lemmy.world 6 points 1 year ago (1 children)

Yeah, of course, the guy who is doing everything wrong is absolutely on top of it this time.

[–] otter@lemmy.ca 3 points 1 year ago* (last edited 1 year ago)

Lol yup