SEC Seeks Sanctions Against Elon Musk Over Twitter Deal Testimony

The U.S. Securities and Exchange Commission plans to seek sanctions against Elon Musk for not appearing for scheduled testimony regarding his $44 billion Twitter takeover. The SEC aims to hold Musk in civil contempt, while Musk's lawyers argue that the sanctions are overly harsh and unnecessary.

The U.S. Securities and Exchange Commission (SEC) announced on Friday that it intends to pursue sanctions against Elon Musk for failing to appear for scheduled testimony related to the regulator's investigation into his $44 billion acquisition of Twitter.

According to a court filing, the SEC indicated that the sanctions motion would seek an order to show why Musk should not be held in civil contempt. Musk's legal team described the potential sanctions as 'drastic' and unnecessary, pointing out that his testimony has already been rescheduled.

This development adds another layer of complexity to the ongoing regulatory scrutiny surrounding Musk's high-profile Twitter takeover.

(With inputs from agencies.)