The US investigates Musk for his tug-of-war in the purchase of Twitter

The US investigates Musk for his tug-of-war in the purchase of Twitter

The United States Government investigates the billionaire CEO of Tesla Elon Musk for his tug-of-war in the Twitter purchase operation, proposing it first, then backing down and finally re-proposing the initial terms.

According to documents presented this Thursday before the Court that is handling the case, the US government led by Joe Biden has been investigating Musk since last April through two agencies: the Securities Market Commission (SEC, for its acronym in English) and the Federal Trade Commission (FTC).

The legal representatives of Twitter, for their part, asked the Court to order Musk’s lawyers to share with them all the conversations between the billionaire and the government in relation to these investigations.

On October 6, a United States judge gave Elon Musk until October 28 to close the purchase of the Twitter social network if he wants to avoid a trial.

Shortly before, the CEO of Tesla had requested the suspension of the process with which Twitter wants to force Musk to buy the company for the agreed 44,000 million dollars, with the aim of closing the last details.

Musk’s lawyers submitted a brief to the court that handled the case arguing that after they told Twitter of their decision to proceed with the purchase for $54.2 a share, there was no reason to go forward with the process.

In addition, they insisted that if the legal battle continued, the operation could be jeopardized.

In the document, Musk’s defense explained that the acquisition is expected to be completed around October 28, once the billionaire has obtained the necessary financing for the purchase.

In his brief, Musk’s defense charged against the social network for its decision to keep the legal battle open and insists that there is no reason to think that the richest man in the world will not obtain the funds he needs from the banks to complete the operation.

Samuel Edwards
Samuel Edwards is the name you must have heard many times while reading reports related to Finance, that's what he is good at. From Major Investments to Stock Market Updates, he got 'em all. Be ready to blow your mind by the mind-blowing reports of Finance World from Samuel Edwards.