The SEC sued Elon Musk on October 5, 2023 to force him to testify about his Twitter (now X) acquisition . The SEC suspects that Musk violated federal securities laws by failing to fully disclose information about his purchase of Twitter stock in 20223 . Musk has refused to appear before the SEC, saying the agency is harassing him . Musk's lawyer also denied the SEC's allegations and called the investigation unreasonable .
This is the latest in a series of conflicts between the SEC and Musk over the years. Previously, Musk was also sued by the SEC for claiming that he had enough money to buy back and delist Tesla in 2018. Musk had to resign as chairman of Tesla and pay a fine of $20 million to settle this lawsuit. In addition, Musk is also facing many other legal troubles from the US Department of Justice and prosecutors in New York related to his statements and business activities.