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Elon Musk is under investigation by the US Securities and Exchange Commission over his $44bn takeover of social media giant Twitter, it was revealed on Thursday.
The investigation concerns whether Musk broke federal securities laws in 2022 when he bought stock in Twitter, which he later renamed X, as well as statements and SEC filings he made about the deal.
Musk also refused to SEC proposals to conduct the deposition in Texas, where he legally resides, in October or November.
After announcing plans to buy the company in late April, he tried to get out of the deal, alleging Twitter was not disclosing the full extent of bot activity on its platform.
The SEC fined him $20m for misleading investors and forced him to step down as chairman of the company, a penalty he said in later tweets was “worth it”.
“A comprehensive overhaul of these agencies is sorely needed, along with a commission to take punitive action against those individuals who have abused their regulatory power for personal and political gains,” Musk said in a post on X.
The original article contains 510 words, the summary contains 179 words. Saved 65%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Elon Musk is under investigation by the US Securities and Exchange Commission over his $44bn takeover of social media giant Twitter, it was revealed on Thursday.
The investigation concerns whether Musk broke federal securities laws in 2022 when he bought stock in Twitter, which he later renamed X, as well as statements and SEC filings he made about the deal.
Musk also refused to SEC proposals to conduct the deposition in Texas, where he legally resides, in October or November.
After announcing plans to buy the company in late April, he tried to get out of the deal, alleging Twitter was not disclosing the full extent of bot activity on its platform.
The SEC fined him $20m for misleading investors and forced him to step down as chairman of the company, a penalty he said in later tweets was “worth it”.
“A comprehensive overhaul of these agencies is sorely needed, along with a commission to take punitive action against those individuals who have abused their regulatory power for personal and political gains,” Musk said in a post on X.
The original article contains 510 words, the summary contains 179 words. Saved 65%. I’m a bot and I’m open source!