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Elon Musk under investigation for Twitter operation

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Elon Musk under investigation for Twitter operation

The United States Federal Stock Exchange Control Agency (SEC) is investigating Elon Musk for his ‘tug-of-war’ in the Twitter buyout: first the proposal, backtracking and finally reopening the initial deadlines. The attorneys of Twitter Inc. have asked the Delaware court for access to the email exchange between the entrepreneur and federal authorities that are investigating in connection with the $ 44 billion purchase offer to take over the social. “Elon Musk – the lawyers of the studio Potter Anderson Corroon Llp – is currently under investigation by federal authorities for the acquisition of Twitter. “

The request for clarification

The petition was filed on October 6, but only surfaced today. Bloomberg was the first to break the news. The Sec, the federal stock exchange control agency, sent Musk on April 4 for clarification on how he had moved with Twitter shares. The billionaire explained that he had acquired more than 9 percent, and then moved on to launch a public offering of $ 44 billion. But the attention of the authorities is on the trend of the share price, also linked to the public statements and on social networks of the billionaire himself. The lawyers of the social platform want to be able to consult the correspondence between the buyer and the Federal Trade Commissionto understand if there have been any irregularities.

The lawsuit in Delaware

Lawyers believe that the exchange of information between Musk and federal authorities could provide an assist to Twitter to force the Tesla founder to close the deal that was blocked months ago and then relaunched last week. One of Musk’s lawyers, Alex Spiro, called Twitter’s request a “diversion”. A lawsuit is currently pending between the parties court of Delaware. The judge dealing with the case, Kathleen McCormickgave until October 28 to reach an agreement before proceeding.

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