Musk Rejects Settlement In SEC Probe Into Twitter Buy

December 13, 2024 Government, Social Media

The Washington Post reports:

Elon Musk revealed on Thursday that he had received an offer to settle a federal investigation into potential securities fraud stemming from his 2022 purchase of Twitter, now known as X, which his lawyer appeared to dismiss on grounds that the probe was politically motivated.

The private talks burst into public view after Musk — now one of President-elect Donald Trump’s top advisers — shared a letter from his lawyer saying that the tech billionaire had been given 48 hours to accept a deal or face numerous, unspecified charges “imminently.”

The probe is the work of the Securities and Exchange Commission, a leading federal financial watchdog led by Chairman Gary Gensler. For about two years, the SEC has investigated Musk for taking too long to disclose his 2022 purchase of a sizable amount of Twitter stock, which may have allowed him to accumulate a large stake in the company at a discount.

Read the full article. In the letter, Musk’s lawyer demands to know if Biden is behind the SEC probe into the purchase of Twitter/X.



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