Home Business US SEC Asks Elon Musk for more information on Twitter takeover

US SEC Asks Elon Musk for more information on Twitter takeover

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While Tesla CEO Elon Musk has entered into a full-scale lawsuit with Twitter over the ‘breaking of the takeover contract’, the US financial authorities are also intensifying their investigation.

According to the Financial Times (FT) on the 14th (local time), the U.S. Securities and Exchange Commission (SEC) sent a letter to Musk, again questioning the tweet posted on May 17th.

At the time, Musk posted that “the contract could not go further because of a fake account on Twitter,” asking why the authorities had not publicly informed shareholders of such a major issue, even though they had clearly shown a willingness to change the decision.

It is also predicted that Musk’s sudden action will overturn the outcome of the lawsuit.

Nate Anderson, the founder of Hindenburg, a short seller who is known to have bet on Twitter, said, “The worst failure is that Musk presented the fake account problem. It is absurd to take out the card.”

In fact, Twitter, which started the lawsuit, even submitted tweets related to Musk’s takeover deal as relevant evidence.

It will be interesting to see who will win this fight, which will be the biggest litigation in Wall Street history.

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I am a contributor to Advancetec.co.uk. I am fascinated by technology overall, especially crypto and it's potential to disrupt the global financial system. But until that future comes, I am perfectly content immersing myself in gaming, movies, gadgets, and all of the other wonders of the modern world.