BREAKING -- Twitter says Elon Musk is being investigated by federal authorities over proposed acquisition
The Tesla CEO is being scrutinized over his attempted acquisition, according to filings submitted by Twitter's legal team. It is unclear what federal authorities were investigating Musk or what documents were sought, but the request was filed after Musk agreed to purchase the company."Elon Musk is presently under investigation by federal authorities for his conduct in connection with the acquisition of Twitter," the legal team said in an Oct. 6 filing, according to Bloomberg.
Musk has faced some scrutiny from financial regulators over his conduct in acquiring Twitter. This includes the Securities and Exchange Commission sending a letter to the billionaire asking about Musk's decision to disclose his 9.2% stake in Twitter after the legally required deadline. Musk and Twitter had clashed in the Delaware Court of Chancery since June when Musk decided to end his planned purchase of Twitter for $44 billion. Musk attempted to justify the end of the deal by claiming that the company was lying about the number of spam bots on the platform, while Twitter argued that Musk pulled out after seeing his stock value drop.On Oct. 3, Musk sent a letter to Twitter offering to uphold his price once he had secured funding and the trial had ended.
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