US regulator checks Elon Musk’s purchase of Twitter shares – Kommersant
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The US Securities and Exchange Commission (SEC) is demanding testimony from businessman Elon Musk over his purchase of Twitter shares before buying the company. The regulator filed a corresponding application with the court on October 5, reports Reuters.
The regulator began an investigation in 2022 to investigate possible violations of US securities laws. That year, Elon Musk bought shares of Twitter, and later the company itself, for $44 billion.
The regulator said that it called Mr. Musk for a conversation in May 2023, but he did not appear. It is noted that the businessman initially agreed to testify on September 15, but changed his mind 2 days before the appointed date. He also refused to testify in October and November. According to the case materials, Elon Musk previously handed over documents related to the investigation to the SEC and testified via videoconference in July 2022.
In April 2022, it became known that Mr. Musk became the owner of 9.2% of Twitter shares. After which the company decided to include Elon Musk on the board of directors. Mr. Musk refused at the last moment, since under the conditions he would not be able to increase his share in Twitter beyond 14.9%. In the SEC filing, the businessman indicated that he was a passive interested party, that is, he did not plan to absorb Twitter or influence its management decisions.
Mr. Musk acquired Twitter in the fall of 2022 for $44 billion. In April 2023, Twitter Inc. acquired by X Corp. headquartered in Nevada. In June, Elon Musk announced that Twitter would officially be renamed X.
Read more about purchasing Twitter in the material “Elon Musk has come to his senses”.
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