US SEC intends to seek sanctions against Elon Musk in Twitter probe

Published On Sep 20, 2024, 4:26 PM

The U.S. Securities and Exchange Commission (SEC) plans to seek sanctions against Elon Musk for failing to appear for a court-ordered testimony related to his $44 billion acquisition of Twitter. Musk notified the SEC only hours before the scheduled testimony that he would not attend, citing a prior commitment to oversee a SpaceX launch. The SEC's motion suggests Musk may be held in civil contempt. Musk's lawyers argue that the SEC's actions are excessive and unnecessary, as Musk has already rescheduled his testimony for October.

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Due to the ongoing legal scrutiny and potential sanctions against Elon Musk, there may be increased volatility and negative sentiment surrounding Tesla's stock (TSLA). This could affect investor confidence in Musk's leadership and operational strategy, potentially leading to a negative market reaction.

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