On Thursday, the Securities and Exchange Commission announced the federal agency has launched an investigation into Elon Musk's acquisition of Twitter, now known as X.
"The U.S. Securities and Exchange Commission sued Elon Musk on Thursday in an effort to compel the billionaire to testify over his purchase of Twitter last year. Attorneys representing the SEC alleged in a legal filing released in the Northern District of California that Musk failed to appear for a Sept. 15 testimony as required by a subpoena, which the attorneys said was served to the Tesla CEO in May 2023," CNBC reported. "Broadly, the SEC said the investigation is tied to whether anyone committed securities fraud in purchasing Twitter shares last year as Musk was buying stock in the company. Musk closed his acquisition of Twitter, now known as X, in October in a deal worth roughly $44 billion."
The investigation came after heavy pressuring from Democratic Senator Elizabeth Warren.
Since Elon Musk took over Twitter, I’m concerned @Tesla's board has failed to manage conflicts of interest from his role as CEO of Tesla & Twitter.
— Elizabeth Warren (@SenWarren) July 17, 2023
Tesla's board has a legal obligation to serve its shareholders. I'm urging @SECGov to investigate.https://t.co/YWaN9GcdDg
Musk is asking questions about why he's being targeted. Not just by the SEC, but a number of agencies. The Department of Justice recently issued a lawsuit against SpaceX, alleging the company hires too many Americans.
"Why is the SEC looking into my purchase of Twitter/X? Everyday it’s something different. One week it’s the Biden Administration, another week it’s the SEC, and another week it’s someone else. I’m literally just trying to protect free speech, build electric cars, and put humans on Mars. Why don’t they like me?" Musk posted on X.
Why is the SEC looking into my purchase of Twitter/X?
— Elon Musk (Parody) (@ElonMuskAOC) October 5, 2023
Everyday it’s something different.
One week it’s the Biden Administration, another week it’s the SEC, and another week it’s someone else.
I’m literally just trying to protect free speech, build electric cars, and put… https://t.co/V5sVZniZZn
Meanwhile, President Joe Biden is still arguing the federal government should control free speech on the internet and discrediting Musk's social media platform.
Biden claims Elon Musk's purchase of Twitter has made it so Americans "have no notion whether [news] is true or not" pic.twitter.com/8rHEWuwcZm
— RNC Research (@RNCResearch) October 1, 2023
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