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It examines Musk’s press statements and stock purchases on Twitter. The tech billionaire completed the acquisition of the online service at the end of October last year and has since renamed the platform X. He bought Twitter shares since the beginning of the year. The SEC has been investigating the deal since spring 2022.
According to the SEC lawsuit, Musk refused to testify in September after being subpoenaed, although he initially agreed to be interviewed. His lawyer, Alex Spiro, told financial service Bloomberg on Thursday that Musk had already testified several times in the investigation: “Enough is enough.”
Musk had made several U-turns on the Twitter deal. He first quietly announced a stock purchase and agreed to join the board as a shareholder. He later announced that he wanted to buy the company outright instead.
A few weeks after Twitter agreed to a $44 billion takeover, Musk wanted to back out of the deal due to too many fake accounts and bots on the platform. Twitter sued him to force him to comply with the agreement. After the possibility of losing the case became apparent, Musk gave in and completed the purchase in the fall.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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