The letter called into question a May Tweet where the billionaire said the prevalence of bots on the platform meant the deal 'cannot move forward.'
“The term ‘cannot’ suggests that Mr. Musk and his affiliates are exercising a legal right under the terms of the merger agreement to suspend completion of the acquisition of Twitter or otherwise do not intend to complete the acquisition,” the SEC wrote in its filing dated June 7. “Yet, we note that the Schedule 13D has not been amended to reflect the apparent material change that has occurred to the facts previously reported under Item 4 of Schedule.
The regulators called on Musk to provide a “clear statement” on whether or not he intended to acquire Twitter. Mike Ringler, Musk’s attorney, responded by saying he did not believe Musk’s tweet triggered any regulatory requirements.“Despite Mr. Musk’s desire to obtain information to evaluate the potential spam and fake accounts, there was no material change to Mr. Musk’s plans and proposals regarding the proposed transaction at such time,” Ringler wrote in his letter to the SEC.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. SEC sends letter to Musk over tweets on $44 bln Twitter dealU.S. Securities and Exchange Commission sent a letter to Elon Musk last month asking for clarification over some of the tweets the billionaire sent about his $44 billion deal for Twitter Inc , regulatory filing showed on Thursday.
Read more »
The SEC has asked Elon Musk more questions about his Twitter dealA letter sent by the SEC to Elon Musk on June 2 includes questions about the billionaire's use of Twitter to discuss the deal, including his tweets about the deal being paused, according to a Thursday regulatory filing.
Read more »
New Big 12 commissioner Brett Yormark looking for ‘win-win scenario’ with SEC-bound Texas, OklahomaThe incoming commissioner faces hurdles that caught the conference off-guard this time last year.
Read more »
Judge reaffirms that SEC must produce materials related to Hinman speech in Ripple caseIn the opinion and order, Magistrate Judge Sarah Netburn called out the SEC's use of conflicting arguments to shield the documents.
Read more »
Republican Attorneys General Fight SEC Over Corporate Climate DisclosuresThis article explains the opposition to the upcoming SEC climate disclosures rule as well as highlights its promise to lessen GHGs.
Read more »