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Elon Musk is under federal investigation over $44 billion deal, says Twitter in court filing

Elon Musk is under a federal investigation related to his $44 billion takeover deal for Twitter Inc, the social media company said in court filing. Tesla CEO agreed to buy Twitter in April but in July, Musk said he was 'terminating' the surprise deal over concerns about the number of fake and spam accounts. 

Elon Musk is under federal investigation over USD 44 billion deal says Twitter in court filing gcw
First Published Oct 14, 2022, 1:15 PM IST

Elon Musk is being investigated by federal authorities over his conduct in his $44 billion takeover deal for Twitter Inc, the social media company said in a court filing released. While the document said that he was the subject of inquiries, it made no mention of the precise nature of the inquiries or the federal agencies carrying them out.

Twitter said that Musk's attorneys had invoked "investigative privilege" in order to withhold the papers it had requested when it sued Musk in July to pressure him into concluding the purchase.According to Twitter, Musk's lawyers gave a "privilege log" detailing the papers to be withheld in late September. The log referenced drafts of a May 13 email to the U.S. Securities and Exchange Commission (SEC) and a slide presentation to the Federal Trade Commission (FTC).

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In April, the CEO of Tesla agreed to purchase Twitter, but in July, Musk announced he was "terminating" the unexpected agreement due to worries about the volume of spam and phoney accounts. The business, in an effort to make the sale happen despite the claim being denied, retaliated by suing the millionaire.

On October 17, all parties were supposed to go on trial in Delaware Chancery Court, but this week Musk changed his mind once more. He declared he will buy Twitter for the agreed-upon $54.20 per share.

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On Thursday, Elon Musk, who launched a perfume dubbed as 'Burnt Hair', asked fans to buy his $100 perfume so that he can fund the Twitter acquisition. "Please buy my perfume, so I can buy Twitter,” Musk said in a tweet.

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