The Securities and Exchange Commission (SEC) has urged a federal judge to sanction Tesla Inc. TSLA and SpaceX CEO Elon Musk if he continues to avoid appearing for a deposition.
What Happened: The SEC is probing whether Elon Musk or his associates engaged in securities fraud in 2022 when Musk sold Tesla shares and increased his stake in Twitter, now rebranded as X.
In May, Musk was ordered by the court to appear for a deposition by the financial regulators regarding the Twitter deal.
However, the tech billionaire twice failed to appear before the SEC, first in September 2023 and again last week, in defiance of a clear court order, according to SEC attorney Robin Andrews, reported CNBC.
Andrews has requested the judge to consider sanctions if Musk continues to delay. The SEC also plans to ask the court to hold Musk in “civil contempt” for canceling a deposition on Sept. 10 with only a few hours’…
