In July, Mr Musk and X – the name the billionaire chose to rebrand Twitter – defeated a lawsuit alleging that at least US$500 million in severance pay was owed to about 6,000 laid-off employees under provisions of the federal Employee Retirement Income Security Act.

The resolution of the dispute, which was handled through arbitration, comes almost two years after Musk acquired Twitter for $44 billion and promptly fired over half of the staff

The Securities and Exchange Commission intends to seek sanctions against Elon Musk over his failure to appear for testimony in an investigation related to his takeover of Twitter, now called X, the regulator said in a court filing Friday.

Elon Musk did not attend court-ordered testimony for the SEC's probe into his takeover of Twitter, which is now X.

The Securities and Exchange Commission has asked a federal judge to sanction Elon Musk if he continues to violate the court’s order to appear for a deposition in a probe of his 2022 Twitter acquisition.

The resolution of the dispute, which was handled through arbitration, comes almost two years after Musk acquired Twitter.