It was a long “tug of war”: first the purchase proposal in the spring, then the reverse, then the recent reopening of negotiations. Now, however, a new piece is added to the complicated story of Elon Musk’s purchase of Twitter: the federal investigation. The SEC, the American agency that controls the stock exchange, has put Tesla’s owner under investigation. Under the magnifying glass there is precisely the operation, worth 44 billion dollars, to detect the social network of the little blue bird. Twitter’s lawyers made the news public, filing a petition with the Delaware Court. “Elon Musk – the lawyers of the Potter Anderson Corroon Llp firm write in the request – is currently under investigation by the federal authorities for the acquisition of Twitter”.
A survey on the performance of stocks
The attention of the authorities would mainly focus on the trend of the share prices on the stock exchange, even after Musk’s public statements. Already on April 4, the federal agency had requested clarification from the entrepreneur on how he had moved towards the shares of Twitter. Tesla’s boss said he had acquired more than 9 percent and then moved on to launch a $ 44 billion public offering.
Twitter lawyers want to see this straight
In light of this investigation, the Blue Bird lawyers now want clarification. The lawyers asked the Delaware court to access the email exchange between the businessman and federal agents. The goal would be to provide an assist to the social network to force the billionaire to permanently close the deal relaunched last week, without having new thoughts. “This game of hiding the ball has to stop,” the lawyers said. In fact, a lawsuit is currently underway between the parties. Kathaleen McCormick, the judge who is handling the case, has given until October 28 to reach an agreement. “This game of hiding the ball must stop,” the lawyers of the social network said.
But Musk’s lawyers aren’t okay
The legal team of Tesla’s patron would not be willing, however, to deliver the emails and other documents requested by Twitter. Musk’s attorneys allegedly objected, invoking the “investigative privilege”. In a note released to Reuters, Alex Spiro, one of Musk’s lawyers, said that the social network’s request would be considered a “misdirection”, adding that “the only ones to be under federal investigation are Twitter executives” .