The billionaire is suspected of “manipulations” with shares on the eve of the acquisition of Twitter, on which he could potentially earn about $150 million.
The Securities and Exchange Commission (SEC) is continuing its investigation into Elon Musk’s $44 billion purchase of Twitter — investigators are determining whether the billionaire violated federal securities laws in 2022 when he bought a 9.2% stake in Twitter long before the takeover. The regulator requires that individuals who buy more than 5% of the shares of a public company disclose the information within 10 days, but the billionaire did not do so. That potentially “intentional” delay cost the billionaire $156 million and prompted a class-action lawsuit from former Twitter shareholders.
Musk tried in every way to avoid testifying, among other things, saying that all the information can be found in his biography published by Walter Isaacson. In the end, the SEC filed a lawsuit, which preliminarily ordered that the billionaire should appear at the hearing and comment on his actions.
In a new twist to the conflict, regulators accused Musk of trying to “distort” the investigation and using “game tricks” to slow it down. Interestingly, the SEC filing does include a link to a biography written by Isaacson, which the regulator cites as “newly published evidence”:
“Three days before he was supposed to appear to testify (but did not appear), his biography was published. This book contains important new information related to the investigation.”
It should be noted that Musk has been mocked for years by the SEC, which accused him of fraud after his infamous 2018 tweet about “securing financing for Tesla.” In the end, the billionaire settled with the regulator and paid a $20 million fine, although he is still fighting a nanny lawyer who must approve some of his tweets about Tesla.
Source: Engadget
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