In an unexpected twist, the Securities and Exchange Commission (SEC) has initiated an investigation into Elon Musk's acquisition of Twitter, now rebranded as X. The federal agency appears to be closely monitoring Musk's actions, having filed a lawsuit against him in an attempt to compel his testimony regarding his Twitter purchase. The SEC alleges that Musk failed to attend a scheduled testimony in September, despite being subpoenaed. But let's face it, nobody relishes receiving a subpoena, do they?
As reported by CNBC, the SEC's inquiry centers on potential securities fraud during Musk's acquisition of Twitter shares. They are keen to ascertain whether any dubious activities occurred while the billionaire was amassing stocks in the company. The transaction, valued at a substantial $44 billion, was finalized in October of the previous year. It's worth noting that this investigation didn't arise out of thin air. Democratic Senator Elizabeth Warren had exerted pressure on the SEC to scrutinize Musk's Twitter acquisition. It's always noteworthy when politicians wade into business affairs, isn't it?
Naturally, Musk is not one to remain silent on these matters. He took to X to express his bewilderment at suddenly becoming a target for the SEC and other regulatory bodies. In his post, he genuinely seemed perplexed as to why various agencies always seem to be scrutinizing his actions. He wrote, "Why is the SEC looking into my purchase of Twitter/X? Every day it's something new. I'm simply striving to safeguard free speech, advance electric cars, and work towards human colonization of Mars. What's their issue with me?" It's a question that may forever remain unanswered, Mr. Musk.
On the other end of the political spectrum, President Joe Biden continues to advocate for greater federal government control over free speech on the internet. He has also been critical of Musk's social media platform, casting doubt on its value. Politics and inflated egos – it's like an ongoing soap opera that never ends.