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Reportedly, Tesla CEO Elon Musk has until Friday to complete his USD 44 billion Twitter acquisition bid or...
Digital Desk: Tesla CEO Elon Musk has until Friday to complete his USD 44 billion Twitter acquisition bid or face a trial, as per reports.
The time is ticking as billionaire Musk has until 5:00 pm ET on Friday to complete the deal. Elon Musk, the CEO of Tesla, is currently under investigation by US federal authorities in relation to his USD 44 billion acquisition of Twitter, as per media reports citing a court filing by the microblogging platform.
Reportedly, Tesla CEO Elon Musk has until Friday to complete his USD 44 billion Twitter acquisition bid or face a trial, as per reports.
The time is ticking as billionaire Musk has until 5:00 pm ET on Friday to complete the deal. Elon Musk, the CEO of Tesla, is currently under investigation by US federal authorities in relation to his USD 44 billion acquisition of Twitter, as per media reports citing a court filing by the microblogging platform.
However, the report stated that the Twitter court filing did not go into details about the current investigation into what activities taken by the business magnate are being scrutinized by the officials.
Without going into specifics, Twitter stated in the court statement that they are investigating Musk's "behaviour" in connection with the purchase. Musk's legal counsel appears to be under the most intense scrutiny.
Twitter said that Musk's legal team had neglected to deliver draught letters to the Securities and Exchange Commission and a slide show to the Federal Trade Commission. According to reports, this is a part of the ongoing dispute between the two parties about whether Musk can cancel the agreement.
In response to the Twitter filing, Musk's attorney, Alex Spiro, stated that the filing only seeks to divert attention away from its own legal concerns, which were brought to light by whistleblower disclosure. Former Twitter security head Peiter Zatko presented charges of misbehaviour on Twitter last month, including "Twitter's tracking and measuring of user interaction."
Spiro stated that "Federal investigators are looking at Twitter's executives." "Twitter sent this misinformation to try to figure out which of their various misconducts they are being investigated for."
In July, Elon Musk, who had long shown interest in purchasing Twitter, abruptly cancelled the transaction. The Tesla CEO said that by inflating the quantity of spam and false bot accounts on its network, Twitter had broken the terms of their mutual purchase agreement.
The market fell sharply after Musk announced the termination of the contract. Later, Twitter sued Musk, alleging that he had used bots as a cover to back out of a transaction.
Last week, Musk reiterated that he will proceed with the purchase of Twitter at the initially agreed-upon price of USD 54.20 per share. However, the judge presiding over the issue has ordered a pause on the Twitter acquisition legal procedures until October 28.
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