Feds sue Texas resident Elon Musk for refusing to testify in Twitter stock probe

The U.S. Securities and Exchange Commission has sued Elon Musk, accusing the Texas-based billionaire of failing to comply with a subpoena seeking testimony in an investigation of his $44 billion acquisition of X, formerly known as Twitter. The SEC alleges that Musk failed to appear for testimony on Sept. 15 as it looked into possible stock fraud around Twitter's purchase, according to a petition filed in U.S. District Court for the Northern District of California. The federal agency is investigating whether anyone involved in the deal, finalized last October, committed illegal activities as Musk bought up company shares.