Arm wrestling between Elon Musk and Twitter – The SEC gets involved

Exasperating cachoteriesElon Musk continues to make headlines regarding its proposed acquisition of Twitter. Lawyers for the company want to know the billionaire’s statements to regulators, as part of a federal investigation.

Elon Musk faces the SEC and the FTC: Twitter wants to know more

“This game of hide and seek must end”. In a letter dated October 6, Twitter attorneys advised Judge Kathaleen St. J. McCormick of the Delaware Court of Chancery of the need for their client to access documents relating to a investigation federal authorities on Elon Musk.

Twitter lawyers want know the details of the exchanges between the billionaire, on the one hand, and the SEC and the Federal Trade Commission (FTC) in the United States, on the other. Earlier this year, the SEC had indeed sent a request to Elon Musk on his mode of declaration of his participation in Twitter.

On April 4, the founder of Tesla unveiled thepurchase what’s more 9% of Twitter – or more precisely its takeover offer – or on a date that shows a week late with respect to regulatory provisions. Elon Musk had, moreover, made a deposit which is not adequate for major investors.

The FTC, meanwhile, questioned whether the 9% stake should have been disclosed to the general public. She also considered antitrust issues related to this proposed acquisition.

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It’s not me, it’s the other: little low blows between two giants

As of October 6, the legal tussle between the billionaire and Twitter has not still been officially suspendedalthough Elon Musk has indicated that he ultimately intends to complete the purchase of Twitter.

Elon Musk's plan to buy Twitter

This request addressed to the judge is part of the strategy of the leaders of Twitter. They put the pressure on the opposing party since July of this year. The goal? Let Elon Musk’s team give them back “all communications with any governmental authority regarding the merger”.

The lawyers did not play Twitter’s game, unsurprisingly citing the confidentiality of communicationrelations with their client. And they apparently still have no intention of voluntarily acceding to the request.

Elon Musk’s attorney Alex Spirohad called the letter from Twitter’s lawyers a ” false maneuver “, in turn accusing the company’s executives of being under federal investigation, speaking to Bloomberg News. Twitter executives have refuted these claims.

Failing an agreement between the two parties by October 28, Judge Kathaleen St. J. McCormick announced that she was ready to organize a trial in novemberthe trial scheduled for October 17 having been canceled.

The deal is not yet concluded. Will these umpteenth turmoil around the proposed acquisition of Twitter end up dissuading Elon Musk’s Most Loyal – Tenacious – Partnerswho are maintaining their financing offer for the time being?

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