Key Takeaways:
- SEC seeks contempt prices in opposition to Musk for missed testimony.
- X faces lawsuits within the EU and a continued ban in Brazil.
- Musk urged to deal with X’s content material moderation in UK Parliament.
YEREVAN (CoinChapter.com) — The U.S. Securities and Trade Fee (SEC) is pursuing authorized sanctions in opposition to Elon Musk for not attending a scheduled testimony concerning his $44 billion acquisition of X. The SEC is growing stress to make sure Musk complies with regulatory orders.
SEC Seeks Contempt Costs Over X Deal
The SEC is pushing to carry Elon Musk in civil contempt for lacking a sworn statement associated to the 2022 Twitter acquisition. Musk was presupposed to testify on Sep. 19, 2024, as a part of an ongoing investigation. The SEC alleges that Musk’s authorized group repeatedly tried to vary the testimony date with out following the required procedures.
The SEC now requests the court docket compel Musk to justify his failure to look, with the potential for sanctions. The SEC additionally seeks to recoup journey prices as a result of canceled conferences.
Musk’s Authorized Crew Defends Delayed Testimony
Musk’s attorneys argue that the SEC’s request for sanctions is pointless. They acknowledged that the testimony has been rescheduled for Oct. 3, 2024, and that the delay is minor, provided that the investigation has been ongoing for over two years.
Musk’s lawyer, Alex Spiro, defined that the earlier assembly was missed resulting from an emergency and reassured the court docket that Musk would attend the October assembly.
Musk Faces World Scrutiny Alongside U.S. Regulatory Actions
Musk’s social media platform, X, additionally confronts challenges past the SEC’s authorized actions. In Aug. 2024, the Irish Information Safety Fee initiated a lawsuit in opposition to X, alleging knowledge safety violations inside the European Union, particularly regarding person knowledge assortment.
In Sep. 2024, the Brazilian Supreme Courtroom upheld a ban on X resulting from issues over content material moderation. Choose Alexandre De Moraes issued the unique order, which stays in impact regardless of Musk’s efforts to reverse it.
In the meantime, in the UK, Daybreak Butler, a Labour Occasion member of parliament, steered that Musk testify earlier than parliament concerning X’s content material moderation insurance policies.