A federal judge in San Francisco ruled that Elon Musk will have to testify again in the ongoing investigation by the Securities and Exchange Commission into his $44 billion acquisition of Twitter. Judge Laurel Beeler rejected arguments from Musk's legal team that the SEC does not have the authority to issue subpoenas for his testimony. She said the SEC has "broad investigative powers" and new documents related to the Twitter deal. The SEC investigation concerns whether Musk followed proper disclosure rules regarding his initial stake in Twitter and statements made about the acquisition deal. Banks that helped finance the Twitter buyout with $13 billion in debt are reportedly facing significant losses, despite Musk privately assuring them they would not lose money.