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U.S. closely watching Elon Musk’s takeover of Twitter


According to Bloomberg, it follows reports that the U.S. Securities and Exchange Commission (SEC) is investigating whether Elon Musk violated rules when disclosing a large number of shares on the social networking platform or not.

US closely watching Elon Musk's takeover of Twitter - Photo 1

Elon Musk’s acquisition of Twitter faces increased scrutiny

Reuters

according to Wall Street Journal The U.S. Securities and Exchange Commission is also investigating Elon Musk’s form, which investors must submit when they accumulate more than 5% of the company’s shares, May 11 reported. Meanwhile, the Federal Trade Commission is reviewing Elon Musk’s proposal to take Twitter private. On April 4, Elon Musk revealed that he had repurchased more than 9% of the company’s shares, a week later than allowed by regulations, and using personal data typically reserved for passive investors. An SEC spokesman declined to comment on the report. Elon Musk’s personal attorney, Alex Spiro, also did not immediately respond to a request for comment.

The SEC has repeatedly feuded with Elon Musk over the years. The agency is investigating whether the billionaire and his brother violated insider trading rules when they sold shares in electric car maker Tesla late last year. Elon Musk has been known to deny this and sparred with regulators in court over what he famously tweeted in 2018 was that he had secured the capital to make Tesla a private company. core.