Elon Musk has been ordered by a federal court to answer additional questions from lawyers regarding his acquisition of Twitter—now called X—on Thursday. This summons follows his failure to appear for a prior court-ordered deposition at the US Securities and Exchange Commission (SEC) office in Los Angeles last month, leaving the financial world speculating whether he will attend the upcoming session.

The scheduled deposition is part of an ongoing high-profile investigation into whether Musk delayed disclosing his acquisition of Twitter shares prior to purchasing the social media platform in 2022. The SEC is particularly interested in whether Musk’s actions violated securities laws, as the timing of his stock purchases and statements may have been unlawful. Musk has acknowledged that the delay in revealing his stake in Twitter was a mistake, but the SEC aims to dig deeper into the issue.

The SEC, as the country’s foremost securities regulator, is now attempting to enforce Musk’s appearance on Thursday, calling for potential sanctions if he fails to comply. The agency is determined to secure his testimony, particularly in light of his absence from the previous deposition.

For the missed 10 September court hearing, the SEC reportedly spent thousands of dollars to dispatch a legal team of three attorneys—two traveling from San Francisco and one from Washington DC—to conduct a sworn deposition with the billionaire entrepreneur. However, just three hours before the scheduled deposition, Musk’s lawyers informed the SEC that he would be unable to attend.

In a formal declaration, Musk’s legal team explained that he had made an urgent trip to the East Coast a day earlier to oversee a “high-risk” launch by his aerospace company, SpaceX. However, this explanation raised questions, as SpaceX had already publicly shared the timing of the launch two days before Musk’s deposition date. Moreover, just a day prior to the SEC meeting, Musk had openly discussed his plan to travel to Florida “if the weather is holding up” for the launch during an interview at a conference.

The SEC attorneys, who were not informed of Musk’s travel plans at the time, only discovered his statements about the SpaceX launch after the fact. Following Musk’s last-minute cancellation, the SEC sought to reschedule the deposition and took legal action to ensure Musk would attend the newly arranged meeting.

Musk has already given two depositions since the SEC began its investigation into his $44 billion acquisition of Twitter. However, the SEC alleges that Musk’s stock purchases before completing the full acquisition, along with his public statements about these investments, may have breached securities regulations. Despite providing testimony twice, Musk refused to sit for a third round of questioning, prompting his legal team to send a letter accusing the SEC of harassment. In response, the SEC filed a motion in October, requesting a court order to compel Musk to provide further testimony.

In a 20 September filing, SEC lawyers argued that Musk’s justification for missing the previous deposition “smacks of gamesmanship.” They asked US District Judge Jacqueline Corley to penalize Musk if he failed to attend the rescheduled meeting on Thursday. The SEC lawyers maintained that a strong penalty was necessary to prevent Musk from missing future appointments and ensure his compliance with legal proceedings.

Furthermore, the SEC lawyers emphasized that Musk was required to obtain either written consent from the SEC or an official court order if he wished to reschedule the deposition. By neglecting to do so, the attorneys contended, Musk disregarded the proper legal protocol.

Musk’s legal team, led by attorney Alex Spiro of the law firm Quinn Emanuel, responded with a filing of their own, defending Musk’s actions. Spiro argued that Musk and his companies had cooperated extensively with the SEC throughout the investigation, as well as in other ongoing investigations. According to Spiro, Musk had provided hundreds of documents and sat for two previous depositions, while his wealth manager had given testimony on three occasions. Other individuals connected to Musk had also complied with the SEC’s requests for testimony, all without rescheduling or canceling any appointments.

In his defense of Musk’s actions, Spiro noted that Musk’s legal team had also traveled to Los Angeles for the missed deposition and immediately informed the SEC of the urgent situation surrounding the SpaceX launch. The lawyer sought to demonstrate that the absence was not part of any deliberate attempt to delay the legal process.

The SEC, however, has remained steadfast in its position. When approached by the BBC, the regulatory agency declined to provide further comment. Nevertheless, in a court filing, SEC lawyer Robin Andrews urged US District Judge Jacqueline Corley to take a firm stance against Musk. Andrews emphasized that the court must clearly signal to Musk that “gamesmanship and delay tactics must cease,” stressing that the billionaire’s conduct could not continue unchecked.

This latest development in the SEC’s investigation into Musk’s acquisition of Twitter comes amid heightened scrutiny of the billionaire’s business practices. The SEC has been examining whether Musk violated securities laws by delaying the public disclosure of his growing stake in Twitter, which may have impacted other investors. The regulator is particularly focused on whether Musk’s stock purchases, coupled with his public statements about his intentions, constituted an attempt to manipulate the market.

Musk’s $44 billion takeover of Twitter in 2022 was one of the most high-profile corporate acquisitions in recent history, transforming the social media platform into a private company under his control. Since then, Musk has implemented a series of controversial changes at the company, including rebranding it as “X” and altering its user policies.

The SEC’s investigation into Musk’s Twitter acquisition is just one of several legal challenges the billionaire is currently facing. As the CEO of multiple high-profile companies, including SpaceX, Tesla, and X, Musk has frequently found himself at odds with regulators. His social media presence, particularly his use of Twitter, has also attracted regulatory scrutiny in the past, with the SEC previously taking issue with Musk’s tweets about Tesla’s stock price.

For now, all eyes are on Musk as he faces the looming deadline to appear for his deposition on Thursday. Whether he will attend, and what impact his testimony could have on the SEC’s investigation, remains to be seen. The court’s decision on potential sanctions, should Musk fail to show up once again, could have significant consequences for the billionaire as he navigates his legal battles across various fronts.