The federal court ruling, released on Saturday, states that Musk is given a week to agree with the SEC on a date and location for his testimony. Judge Beeler referenced this in the order, noting that while Musk and the SEC had previously agreed to a meeting, Musk did not comply. The SEC filed a legal action against Musk to compel his testimony in an investigation into his $44 billion acquisition of X, then known as Twitter. The agency is also seeking Musk’s testimony to determine if he followed the law when filing paperwork relating to his purchases of Twitter stock.
In response, Musk’s legal team argued that the CEO had already been interviewed twice by the SEC and accused the regulator of harassment. However, Judge Beeler rejected their claims and stated that the SEC had the authority to issue a subpoena to seek relevant information. The judge enforced the subpoena, stating that the evidence is relevant and material to the SEC’s investigation, and the testimony is not unduly burdensome. The court also ruled that the Exchange Act authorizes the subpoena, and the staff attorneys who issue subpoenas are not inferior officers subject to the Appointments Clause.
Overall, Judge Laurel Beeler’s order can be viewed below.