Posted on 05/12/2022 5:10:43 AM PDT by Red Badger
Democrat President Joe Biden’s administration has launched an investigation into Elon Musk over the dealings surrounding his purchase of Twitter.
Biden’s Securities and Exchange Commission (SEC) is investigating Musk after he secured a deal to buy the social media company for $44 billion.
According to a new report in the Wall Street Journal, the SEC is probing the paperwork filed by Musk while he was putting his deal into place.
“The Securities and Exchange Commission is probing Mr. Musk’s tardy submission of a public form that investors must file when they buy more than 5% of a company’s shares,” The WSJ reports.
“The disclosure functions as an early sign to shareholders and companies that a significant investor could seek to control or influence a company.”
The report said that Musk’s April 4 disclosure filing was at least 10 days late, a move that is believed to have saved him more than $140 million because share prices could have been higher if the public knew about his ownership of 5% of the company.
“The case is easy. It’s straightforward,” Daniel Taylor, a University of Pennsylvania accounting professor, said.
“But whether they’re going to pick that battle with Elon is another question.”
The report noted that a lawsuit against Musk from the SEC would likely not stop him from taking over Twitter since the company’s board of directors unanimously approved to be acquired by Musk and the SEC may lack the power to do so.
Musk’s purchase of Twitter is also reportedly being reviewed by the Federal Trade Commission (FTC).
The news has emerged almost immediately after Musk said this week that he will reverse Twitter’s permanent ban on President Donald Trump if and when the sale is finalized.
“I think that was a mistake because it alienated a large part of the county, and did not ultimately result in Donald Trump not having a voice,” Musk said, adding that the decision was “morally bad.”
“That doesn’t mean that someone gets to say whatever they want to say,” Musk said.
“If they say something that is illegal or destructive to the world, then there should be perhaps a timeout, temporary suspension, or that particular tweet should be made invisible or have very little traction.”
“I would reverse the permanent ban,” Musk added.
Musk indicated that action could be taken against an account if there were tweets that violated platform policy, which he said, “should be either deleted or made invisible, and a suspension—a temporary suspension—is appropriate, but not a permanent ban.”
Musk said that permanent bans “should be extremely rare and really reserved for accounts that are bots, or scam, spam accounts.”
Cuz free markets are not allowed. Freedom is not allowed.
The empire strikes back...
Government persecution.
Political persecution. The decrepit old fool is using the power of the government against his political enemies. This is fascism. He is not fit to serve as president.
A preview into the future. He now has an American KGB and ministry of propaganda with which to harass innocent citizens, and he will use it with the full support of 99% of democrats.
See tagline
***The empire strikes back...***
Yes, exactly!
Biden is a dementia-addled sock puppet who is incapable of complex thought. The Federal government is being run by a cabal of Communists who skulk in the shadows.
Imagine how deep the Brandon fraud is if they will pull out all stops to stop, Free Speech.
Ho, ho, ho...... Biden is really pissed
Despite all his efforts, Elon is suffocating the UAW. When GM dies later this year, who will pay the outlandish union pensions?
Elon seems to have more real power than Joe
This investigation is not unwarranted and I predicted it
The question is Why did musk do it. Bad advice or ignoring advice of the lawyers.
Your choices are bad
Musk saw a divisive leftwing organization he could take over and reform. That’s what he is accomplishing.
Musk is a solid American with great resources, not the enemy you want him to ben enemy
My choices aren’t bad. He either had bad lawyers or he ignored them
Anyone who knows these requirements could have told him the SEC was not just going to roll over on this.
What they do about it is something I cant guess but I don’t see how they can let it go when he made profit he shouldn’t have due to failure to disclose
No, O’Biden’s investigation is NOT warranted. But it’s little more than harassment.
Btw..my statement isn’t exactly right. You have to sell to make profit. Unclear why there is a discrepancy between the two filings..but does appear he sold some stock
Explain to me why Musk should be allowed to violate the clear requirements
SEC Commissioners serve 5-year staggered terms and are appointed by the President. However, the President cannot fire any of them. The President also appoints which of the SEC Commissioners is Chairman.
Current SEC Commissioners
Gary Gensler (Chair), Democrat
Allison Lee, Democrat
Caroline Crenshaw, Democrat
Hester Peirce, Republican
Vacant
The SEC can bring civil lawsuits within the DC Courts. IOW, the SEC walks in the Swamp, talks in the Swamp, and is a creature of the Swamp, thus fixates on any entity that goes against the Swamp.
Another L for Biden. Let Elon eat these scumbags for breakfast.
You are part of the proud tradition of GOP losers.
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