According to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) intends to impose sanctions on Musk for failing to appear in court as scheduled (September 19, 2024) and provide testimony to financial regulators about the $44 billion Twitter acquisition. The SEC is also seeking monetary relief to compensate for the expenses lost due to Musk's cancellation of the meeting, as well as other relief that the court may grant to the SEC.

Musk's legal counsel emphasized that the SEC had accepted the request to reschedule the meeting to October 3, 2024 in Los Angeles, California, and believed that the court's intervention was unnecessary. The letter explained that the only reason Musk missed the previous meeting was an emergency and assured the court that he would attend the October meeting.