Analysis-Elon Musk might lose his latest battle with the SEC over Twitter probe
© Reuters. FILE PHOTO: Elon Musk attends the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022. Patrick Pleul/Pool via REUTERS/File Photo
It sued him in 2018 and again in 2019 in relation to a tweet Musk sent saying that he had funding secured to take his electric carmaker Tesla private. The 2018 lawsuit was quickly settled on the condition that lawyers vet Musk's future tweets. The 2019 lawsuit by the SEC trying to enforce that deal did not go their way.
"This case is different from past forays between the SEC and Elon Musk because it's a subpoena enforcement case. These cases are really cut and dry," said Stephen Crimmins, a partner with Davis Wright Tremaine law firm and a former SEC trial lawyer.If Musk defies the court, he is likely to be fined until he testifies, lawyers said. Further defiance could, in an extreme scenario, lead to jail.
Musk agreed to testify on Sept. 15, but two days beforehand raised"spurious objections" and said he would not appear. Musk also refused SEC proposals to testify in Texas, where he lives, in October or November, the SEC said. But it's not unusual for the SEC or other federal agencies to seek additional testimony as probes evolve, lawyers said.
After that, the SEC was reluctant to return to the court even though staff believed he breached the deal on subsequent occasions, Reuters reported last year.
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