US Regulators Say Elon Musk Will Explain Delay in Twitter Stocks Report

US market officials have asked Elon Musk to explain the apparent delay in reporting his Twitter stock purchases, the agency revealed on Friday, the latest questions on the methods and intent of his troubled bid for the platform.

musk became a major Twitter Shareholders followed suit by purchasing 73.5 million shares in early April, and less than two weeks later launched a hostile takeover bid.

He struck a $44 billion (about Rs 3,41,800 crore) deal to buy the San Francisco-based company, but has since given mixed signals about how committed he is to abiding by it.

Securities and Exchange Commission The (SEC) letter to Musk showed that regulators asked him to explain why he did not disclose his increased stake in Twitter within the required 10-day time period, especially if he decided to buy the company. Planned.

“Your response should, among other things, address your recent public statements on the Twitter platform about Twitter, including questions about whether Twitter is strictly adhering to the principles of freedom of expression,” the regulators said in the letter dated April 4. follows from.”

Neither Musk nor the SEC immediately responded to requests for comment.

Tesla Prominent is a frequent Twitter user, who regularly removes inflammatory and controversial statements about issues or other public figures with cynical or business-focused comments.

He has feuded repeatedly with federal securities regulators, who in 2018 cracked down on his social media use after an alleged attempt to take Tesla private.

Musk cited the right to freedom of speech as a driver of his efforts to undo a deal with the SEC, which tightened his use of the social media platform after his August 2018 tweet calling for Tesla to be taken private. Funding was “secured”.

Musk is also facing a lawsuit filed this week accusing him of pushing Twitter’s share price down either to avoid himself bidding for his buyout, or to negotiate a discount. room can be given.

The lawsuit alleges that Musk tweeted and made statements with intent to create doubts about the deal, which sparked weeks of uproar on social media platforms.

According to the complaint, “Musk proceeded to make statements, send tweets and engage in conduct designed to raise doubts about the deal and significantly reduce Twitter’s stock.”

Their aim was to get Twitter at a much cheaper cost, or to exit the deal without penalty, the suit argued.


Source link

Sharing Is Caring:

Leave a Comment