US agency probes Elon Musk over $44bn takeover of Twitter – Vanguard News

The United States Securities and Exchange Commission (SEC) has commenced an investigation on Elon Musk over his $44 billion takeover of social media platform Twitter, which he renamed to X. According to reports on Thursday, Musk broke federal securities laws in 2022 when he bought stock in Twitter, as well as statements and SEC filings he made about the deal. In March 2022, Musk bought a 9.2% stake in Twitter and became the company’s majority shareholder. The purchase was not disclosed in an SEC filing until the next month.  Twitter shareholders sued over the late filing shortly after, though their suit was dismissed.  Faced with a trial that sought to compel him to complete the deal, Musk purchased Twitter’s remaining stock in a $44 billion deal and took over the company in October 2022. The SEC’s investigation was disclosed on Thursday when the US agency sued to compel Musk to testify in their investigation, which he previously agreed to do and then reneged on. The SEC said it subpoenaed Musk in May 2023, requiring him to provide testimony at the agency’s office in San Francisco and that Musk had agreed to appear last month. But two days before he was
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