Elon musk

Elon Musk the tycoon was questioned about his controversial decision to cancel the deal to buy the microblogging service last week.

The US Securities and Exchange Commission (SEC) asked Elon Musk for explanations about a message he posted in May, in which he raised questions about whether he would go ahead with his plan to buy Twitter, they reported. local media .

According to a letter revealed this Thursday by the tycoon’s lawyers, the regulatory body asked him in writing why he had not stated his intention to suspend or abandon the agreement, despite having already expressed in a May 17 tweet that this ” couldn’t move forward” until the microblogging service provided more information on how it handled fake or spam accounts.

 
“The term ‘may not’ suggests that Mr Musk and his affiliates are exercising a legal right, under the terms of the merger agreement, to suspend the completion of the Twitter acquisition, or that they do not intend to complete it (…) However, we note that Schedule 13D [financial presentation made by an investor when he intends to take an active buying role] has not been modified to reflect the material change that appears to have occurred,” the SEC said.

Mike Ringler, an attorney for the businessman, responded to questions from the SEC in a document dated June 7. There he argues that the tweet did not require amending Exhibit 13D, since his client’s plans and proposals regarding the transaction had not changed at that time.