Elon Musk is currently under investigation by the U.S. Securities and Exchange Commission (SEC) due to concerns over his 2022 acquisition of Twitter (now X) and potential violations of federal securities laws. The SEC is scrutinizing Musk's stock purchases and related statements and filings connected to the Twitter deal. A subpoena was issued to Musk in May 2023 to obtain testimony relevant to the investigation, but Musk initially agreed to appear and later refused to comply with the SEC's request.
This investigation is part of an ongoing discord between Musk and the SEC, which traces back to a 2018 incident involving Musk's tweet about taking Tesla private, claiming he had secured funding. Despite owning a substantial minority stake in Twitter, Musk acquired the platform last year, with allegations arising that he did not promptly disclose this acquisition as required. Musk's attorney, Alex Spiro, has criticized the SEC's investigation, arguing that Musk has already provided sufficient testimony.
Despite the legal challenges, Musk has openly discussed potential plans for Twitter, particularly regarding its user interface, suggesting significant changes may be on the horizon. The SEC maintains its commitment to obtaining crucial information from Musk, emphasizing the importance of this testimony for its legitimate investigation.