SEC Questioned Elon Musk Tweet About Twitter Deal
14 July 2022 - 11:41PM
Dow Jones News
By Will Feuer
The U.S. Securities and Exchange Commission last month sent a
letter to Elon Musk questioning at least one of his tweets about
his $44 billion deal to buy Twitter Inc.
In a Thursday filing, the SEC published a letter sent to Mr.
Musk, dated June 2, asking why he hadn't amended his Schedule 13D
regulatory filing after he tweeted on May 17 that the Twitter deal
"cannot move forward" until the company was clearer about how many
of its accounts are fake.
The SEC staff said in the letter that if a material change to
Mr. Musk's plans to buy Twitter occurred, then he should amend his
Schedule 13D to reflect those changes. SEC staff also sought
clarity regarding Mr. Musk's May 17 filing in which he disclosed
his tweet from the same day.
Mr. Musk's attorney, Mike Ringler, responded to the SEC letter
on June 7, another regulatory filing shows. In his response, Mr.
Ringler said that Mr. Musk believes his May 17 tweet cited by the
SEC didn't trigger any required amendment to his Schedule 13D
filing.
"Despite Mr. Musk's desire to obtain information to evaluate the
potential spam and fake accounts, there was no material change to
Mr. Musk's plans and proposals regarding the proposed transaction
at such time," Mr. Ringler wrote.
"The Schedule 13D, as amended, continues to reflect Mr. Musk's
current plans and proposals with respect to the pending
acquisition," he added in the June 7 letter.
Mr. Musk most recently amended his Schedule 13D filing on July 8
to reflect his letter to Twitter of the same day seeking to
terminate the merger agreement.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
July 14, 2022 09:26 ET (13:26 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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