The US Securities and Exchange Commission (SEC) has taken legal action against Elon Musk in an attempt to compel him to testify as part of an ongoing investigation into his acquisition of Twitter. The SEC filed a lawsuit on Thursday, seeking to force Musk, the world’s richest man, to provide testimony relating to his $44 billion takeover of the social media company. The probe centers around allegations that Musk violated federal securities law with his stock purchases in Twitter and the information he provided to the SEC regarding the takeover. The SEC is seeking Musk’s testimony in order to gather additional relevant information for their investigation.
Meanwhile, Elon Musk recently rebranded Twitter as “X” and the platform has obtained the Rhode Island Currency Transmission License, granting it the ability to offer cryptocurrency payments and trading services. With this license, Twitter (now X) can provide crypto trading and payment services to its 400 million users worldwide. It remains to be seen how this legal battle with the SEC will impact Musk’s continued involvement with X and his plans for the platform. The outcome of the investigation and any potential ramifications for Musk and Twitter/X will be closely watched by market participants and industry observers.
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