S.E.C. Sues Elon Musk to Compel Him to Testify on Twitter Purchase

S.E.C. Sues Elon Musk to Compel Him to Testify on Twitter Purchase

Mr. Musk offered to buy Twitter in April 2022 for roughly $44 billion, then tried to back out of the deal in July of that year. He completed his purchase of the company last October.

His takeover has been the subject of several lawsuits and investigations by the federal authorities. The Federal Trade Commission has probed whether X had the resources to protect users’ privacy after he laid off much of its staff and several senior executives responsible for privacy and security resigned. The agency has also sought to depose Mr. Musk. Former Twitter shareholders have also sued Mr. Musk for fraud in a case related to his belated disclosure of his stake in the company.

Mr. Musk and X’s chief executive, Linda Yaccarino, have been focused on bringing advertisers back to the platform. Many advertisers have been skittish about returning after Mr. Musk relaxed content moderation policies on the site. Ms. Yaccarino on Thursday was set to meet with the bankers who financed Mr. Musk’s acquisition to brief them on X’s financial progress.

Jack Begg contributed research.

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