TechFlow news, September 21 — According to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) is seeking sanctions against Elon Musk for failing to attend a scheduled hearing regarding its investigation into his $44 billion Twitter acquisition. On September 21, the SEC filed documents with the court demanding that Musk explain why he should not be held in civil contempt and requesting reimbursement for travel expenses incurred due to the canceled meeting.
Court filings indicate the original hearing was set for September 19, 2024. Musk’s team had repeatedly requested a postponement, but the SEC alleges he violated terms of an agreement reached in May 2024 by rescheduling the meeting without obtaining written consent from the SEC or a court order. Musk’s attorney, Alex Spiro, pushed back, calling the SEC’s move “overly aggressive,” noting that both parties had already agreed to reschedule the hearing for October 3 in Los Angeles, describing the delay as “de minimis” within the context of a two-and-a-half-year investigation.
