The Securities and Exchange Commission said Friday it will seek sanctions against Elon Musk after he failed to appear for a hearing. Court-ordered testimony For Regulatory scrutiny His Acquisition of Twitter for $44 billion,
In a court filing, the SEC said the sanctions motion would seek an order to show cause why Musk should not be held in civil contempt for notifying the SEC just three hours before his scheduled Sept. 10 deposition that he would not appear.
Musk, whose businesses include electric carmaker Tesla and rocket company SpaceX, was at Cape Canaveral in Florida that day to oversee the launch of SpaceX's Polaris Dawn mission.
Musk's lawyers called the restrictions “draconian” and unnecessary and said his testimony had already been rescheduled for October 3.
An SEC spokesman declined to comment.
The SEC is investigating whether Musk violated federal securities laws in 2022 buy shares in twitterWhich he later named X.
Musk was sued in October last year after he refused to appear for an interview for the probe. Musk has said the SEC was trying to “harass” him by issuing the summons.
