June 27, 2022

Dubai Week

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Elon Musk has been exploring the U.S. stock market before buying Twitter shares.

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The U.S. Securities and Exchange Commission revealed on Friday that Elon Musk was asked to clarify the reasons for the delay in buying his millions of shares on Twitter, in recent questions regarding his complex attempt to buy the site.

Musk became a major shareholder on Twitter after buying 73.5 million shares in early April, and two weeks later he was offered the chance to acquire the site.

Following this he signed a $ 44 billion deal to buy the San Francisco-based company, but he gave mixed signals about his commitment to the deal.

The Securities and Exchange Commission asked Musk in a letter to explain why he did not disclose the increase in his Twitter shares within the required ten days, especially if he planned to buy the company.

“Your response, among other things, is your recent public statements on Twitter, including the question of whether Twitter strictly adheres to the principles of freedom of expression,” the authority said in a letter to Musk on April 4.

Neither Musk nor the U.S. Securities and Exchange Commission responded immediately to a request for comment.

The Tesla boss often uses Twitter to post issues or controversial tweets about the general public, sometimes mood swings.

He previously clashed with the Federal Reserve, which attacked him for using social media in a failed 2018 attempt to turn Tesla into a private company.

Musk is also facing a lawsuit filed against him this week alleging that he lowered Twitter’s share price in order to escape his bid or open a window to negotiate a price cut.

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