Elon Musk under federal investigation over $44 billion Twitter deal, court filing

Elon Musk under federal investigation over $44 billion Twitter deal, court filing


Tesla Inc TSLA chairman Elon Musk is reportedly under investigation by federal authorities about his person bid to buy Twitter Inc TWTR.

What happened: Twitter said in a court filing released on Thursday that Musk’s lawyers claimed “investigative privilege” while refusing to release the material sought by the social media company. reported Reuters.

The lawyers had reportedly provided a “privilege log” to Twitter in September identifying documents to be withheld.

The logs pointed to an email dated May 13 to the United States Securities and Exchange Commission and a slide presentation Federal Trade Commissionaccording to the report.

Musk lawyer Alex Spiro said the court filing was a “misdirection,” saying, “It’s Twitter executives who are being investigated at the federal level,” Reuters reported.

Twitter, the SEC and the FTC did not immediately respond to gasoline gas requests for comment.

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Why it matters: The court filing was filed on Oct. 6, the same day the judge ruled in the Twitter and Musk court case litigation settled between them according to Musk reactivates the deal to buy the company.

Twitter sued Musk in July force a purchase after exiting a deal to take the company private for $54.20 per share.

The SEC reportedly asked Musk in a letter in June if he should have amended his public filing to reflect his intention to sit or abandon the Twitter deal.

In April, The Information reported that Musk’s $44 billion purchase of Twitter was under FTC review for antitrust reporting requirements.

price action: Shares of Tesla rose 2% on Thursday, before falling 0.5% to $220.6 in extended trading, while Twitter was up 0.9% to $50.39 before falling 0.1% after the close % lost.

Continue reading: Twitter tries to align more with Elon Musk on permanent ban policy, but Trump’s return unlikely: report

Read full story here https://www.benzinga.com/news/22/10/29263575/elon-musk-under-federal-probe-over-44b-twitter-deal-reveals-court-filing

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