Federal authorities investigate Elon Musk due to "his conduct" in Twitter buyout
According to the social network's lawyers, it is unclear which agencies are conducting the investigation and it is unknown what "specific conduct" officials would be refering to.
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A court filing in a Delaware court presented by lawyers for Twitter Inc. reveals that federal authorities are investigating Elon Musk for his "conduct" throughout the process of acquiring the social network for $44 billion. As reported by Bloomberg:
It is unclear which agencies may be conducting the investigation and Twitter did not identify what specific conduct officials may be talking about.
The company is asking the court for access to documents that the billionaire's legal team has handed over to the authorities. It accuses them of failing to produce copies of his communication with the Securities and Exchange Commission and the Federal Trade Commission: "This game of hide the ball must end."
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Deadline for agreement: October 28
In July, Musk first attempted to back out of the purchase by accusing Twitter of violating the agreed-upon deal by lying about the amount of spam and fake accounts on its platform. Subsequently, the company sued Musk blaming the billionaire for seeking pretexts to rescind the deal after a stock market crash and demanding to continue the buyout process.
Last week, Musk proposed to continue his agreement to acquire the platform at the originally agreed price of $54.20 per share. Delaware Judge-designate Kathaleen St. Clair. J. McCormick, set a deadline of October 28 for the two parties to agree on terms, canceling the initially stipulated date of October 17, but in turn, stated that she was ready to hold a trial in November if they cannot close the deal.
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