The Feds are watching
Scout's honor
Elon Musk is no boy scout
Crossing the threshold
Delay or cheat?
A low price at a high cost
Penny saved, penny earned
Other legal problems
An offer they couldn't refuse
Above the market price
The poison pill
The support of shareholders
Moving money around
'Free speech is the bedrock of a functioning democracy'
Tremendous
From billionaire to billionaire
Give my regards to Wall Street
Accountability
Undermining democracy?
The limits of free speech
A message to Musk's critics
Republicans approve
Lifting the ban
Trump and Musk
The Donald says no
More questions than answers
Tesla, SpaceX and Twitter
The future of Twitter
Noticias
Twitter investors sue Elon Musk, while the SEC opens an investigation
(1/28)
The Feds are watching

The United States Securities and Exchange Commission made public on May 27 that it has begun to investigate Elon Musk's purchase of Twitter stock last April. The government agency will look at whether the South African billionaire was honest about his intentions for the social media company.

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(2/28)
Scout's honor

The New York Times reports that the SEC declares that Musk filed a document declaring that his Twitter stock investment would be passive and that he would not pursue control of the whole social media company.

Pictured: Gary Gensler, Chair of the US Securities and Exchange Commission

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(3/28)
Elon Musk is no boy scout

Ten days after filing the document, Musk tried to purchase the entirety of Twitter for 44 billion US dollars.

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(4/28)
Crossing the threshold

The SEC also is questioning if Musk properly revealed his stake in Twitter. Federal law requires that individuals who own more than 5% of a company's shares disclose their ownership 10 days after crossing the threshold, the New York Times points out.

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(5/28)
Delay or cheat?

Musk, according to SEC regulatory filing, crossed the threshold on March 14 but neglected to make it public until April 4. This generated the ire of Twitter investors, who are now suing the Tesla founder.

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(6/28)
A low price at a high cost

“By delaying his disclosure of his stake in Twitter, Musk engaged in market manipulation and bought Twitter stock at an artificially low price,” said one of the investors to The Guardian. The group filed the lawsuit on May 25 in a San Francisco federal court.

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(7/28)
Penny saved, penny earned

According to The Guardian, Musk saved himself over 150 million US dollars by not properly documenting how many stocks of Twitter he owned.

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(8/28)
Other legal problems

Complicating matters further, the South African billionaire is facing accusations of misconduct with a former female SpaceX employee. Musk has dismissed the claims, arguing it's all part of a plan to sabotage his Twitter acquisition.

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(9/28)
An offer they couldn't refuse

Everything seemed to be set for Musk's social media buyout. Twitter’s 11-member board met with the South African-born billionaire and approved on April 25 the Tesla founder’s acquisition of the social media platform.

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(10/28)
Above the market price

Twitter agreed to sell itself to Elon Musk for a value that, according to an official statement, was 38% above the company share prices at the start of April. Musk became the company’s largest stockholder by acquiring 9.8% of Twitter’s stock around that time.

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(11/28)
The poison pill

The company threatened to flood the stock market with new shares if Musk attempted to acquire 15% or more of Twitter. The strategy, known as a ‘poison pill’, had been used in the past as a negotiation ploy and this time doesn’t seem to have been any different.

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(12/28)
The support of shareholders

According to Forbes, the company saw increased pressure from its largest shareholders to support Musk’s bid. Particularly since Twitter’s share had lost over 60% of its value in the past months.

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(13/28)
Moving money around

The Financial Times reports that to cover the 44 billion US dollars, the founder of Tesla has taken loans from at least twelve different banks, among other things, to secure funding.

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(14/28)
'Free speech is the bedrock of a functioning democracy'

“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” highlighted Musk in an official press release.

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(15/28)
Tremendous

“Twitter has tremendous potential,” the founder of Tesla declared. “I look forward to working with the company and the community of users to unlock it.”

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(16/28)
From billionaire to billionaire

Amazon’s Jeff Bezos, whose acquisition of The Washington Post drew similar criticism as Musk’s buyout, pointed out Tesla’s business connections to China and wondered exactly if “the Chinese government had gained leverage” on Twitter.

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(17/28)
Give my regards to Wall Street

Musk has stated his desire to make Twitter go private, meaning that the company would no longer take part in the stock market. The billionaire believes this would prevent the social media platform from being at the mercy of its market value.

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(18/28)
Accountability

To put things in perspective, the satirical news program The Daily Show reports that Twitter co-founder and former CEO Jack Dorsey (pictured) only had 2% and still had to answer to the board and to the shareholders.

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(19/28)
Undermining democracy?

Forbes highlights that Musk has in the past denounced that the company “failed to adhere to free speech” and that Twitter’s practices were “fundamentally undermining democracy”.

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(20/28)
The limits of free speech

Musk, who describes himself as a ‘free speech absolutist’, has complained about Twitter’s moderation in the past, as Al Jazeera points out. However, this also brings up the debate about the limits of free speech and the fear of inciting hate.

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(21/28)
A message to Musk's critics

“I’m against free speech that goes far beyond the law”, the founder of Tesla tweeted a few days after the buyout. “I hope that even my worst critics remain on Twitter because that is what free speech means”.

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(22/28)
Republicans approve

Many Republican politicians, such as Florida Governor Ron DeSantis, applauded the acquisition. The conservative politician tweeted that Twitter can now be “a place where free speech can thrive, not a tool for narrative enforcement”.

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(23/28)
Lifting the ban

The official Republican Party Twitter account requested Musk to lift the ban on former US President Donald Trump from the platform. However, Trump himself has been quoted saying he won’t return.

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(24/28)
Trump and Musk

“I like Elon Musk. I like him a lot. He’s an excellent individual,” Trump commented to CNBC about the buyout. “We did a lot for Twitter when I was in the White House. I was disappointed by the way I was treated on Twitter. I won’t be going back on Twitter.”

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(25/28)
The Donald says no

Trump himself, The New York Times points out, has been trying to launch his own social network: Truth Social. Musk’s promise of an unregulated Twitter since may undermine the former president’s business plans.

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(26/28)
More questions than answers

Bloomberg reports that there are many things we still don’t know about the acquisition, from Musk’s specific details of how will he will run the company to who will be on the board.

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(27/28)
Tesla, SpaceX and Twitter

The South African-born billionaire already runs Tesla and SpaceX, Bloomberg highlights, so heading a third corporation seems unlikely.

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Twitter investors sue Elon Musk, while the SEC opens an investigation
(28/28)
The future of Twitter

What is known is this: If Musk manages to complete the deal somehow, the future of Twitter (and social media in general) could change forever.

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