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Elon Musk under federal investigation over Twitter deal

The federal government is currently investigating Elon Musks $44 billion acquisition of Twitter.

A court petition made public on Thursday revealed the latest legal fight between the billionaire and the social networking site.Infomation Guide Nigeria

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Although the petition stated that he was under investigation, it did not specify the nature of the probe.

“This game of ‘hide the ball’ must end,” the business stated in court documents. Mr. Musk did not respond to a request for comment immediately.

Twitter, which sued Mr. Musk in July to compel him to conclude the deal, stated that the Tesla CEO’s attorneys claimed “investigative privilege” in refusing to hand up the requested documents.

Additionally, it stated that it had asked Mr. Musk’s attorneys to reveal their interactions with federal authorities months ago, but they had not done so.

Late in September, Mr. Musk’s attorneys submitted a “privilege log” listing withheld documents.

The log contained references to draughts of an email sent to the US Securities and Exchange Commission (SEC) on 13 May. The SEC is the American agency responsible for enforcing the legislation against market manipulation.

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In addition, a slide presentation to the Federal Trade Commission was mentioned, whose primary objective is to promote antitrust legislation and consumer protection.

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The court petition was filed on the same day that the court granted a stay of proceedings to permit Twitter and Mr. Musk to finalise the acquisition agreement.

The SEC has questioned Mr. Musk’s statements on the acquisition of Twitter.

In April, he was questioned by the SEC about whether the disclosure of his 9% Twitter holding was late and whether it suggested he intended to be a passive shareholder. Later, Mr. Musk amended his declaration to say that he was an active investor.

In a letter sent in June, the SEC inquired whether Mr. Musk should have updated his public filing to indicate his desire to suspend or abandon the transaction.

Mr. Musk’s lawyer, Alex Spiro, told Reuters that Twitter’s court move was a “misdirection”

“It is Twitter’s executives that are under federal investigation,” he claimed.

Twitter did not respond to the statement.

The complaint comes as the months-long story of Mr. Musk’s proposed Twitter acquisition unfolds, during which the billionaire proposed a takeover, backed out of the agreement, and was subsequently sued by Twitter for breach of contract.Jamb Result 

Just days before a trial was scheduled to compel the purchase through, the billionaire’s camp announced that he would proceed with the deal.

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Emediong Silver

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing. Whatapp: 08088735884

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