The SEC has asked the Tesla chief to submit any material aimed at influencing shareholders after it finds issue with previous filings
by lawyers representing the Tesla CEO on Thursday. The disclosure by Musk’s lawyers also reveals that the SEC has asked the entrepreneur to file any material aimed at influencing shareholders properly, after pointing out an issue with one such filing.
According to Musk’s lawyers, the SEC asked in a letter dated 2 June why Musk did not update a relevant filing – known as a schedule 13D – when he tweeted on 17 May that the “deal cannot move forward”. Musk, who owns 9.2% of, is required to update the 13D if the purpose of his shareholding changes – in this case from seeking to buy the company to potentially not doing so.
The SEC goes on to ask for a written explanation as to why the 13D was not amended followed by a “clear statement” about Musk’s plans for buying Twitter. The correspondence from Musk’s lawyers, which is addressed to the SEC and is dated 7 June, states that the 13D had been updated multiple times already and “continues to reflect Mr Musk’s current plans and proposals with respect to the pending acquisition”.
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