It seems like by the end of this adventure, neither Musk nor the board of directors of the company will walk away unscathed. The SEC has been looking into whether Musk had properly relayed his intentions. The agency sent a letter to Musk on April 4 asking for clarification on multiple discrepancies found in Musk's original shares purchases. Musk failed to disclose his stake at the correct time, according to the letter. The agency is wondering if Musk was right to purchase the stock as a passive investor if he had originally planned to buy out the company. The letter points out that the richest man in the world had been constantly talking about free speech on the internet. Just a few weeks ago, the SEC was probing Musk for improper timing of his original Twitter shares purchases. The agency requires those buying more than 5% of a company's stock to give the information within 10 days. Musk bought up 9.2% of the company over the course of March, but didn't report he had crossed the 5% threshold until April 4. The letter came to Musk 10 days before he proposed to buy the company for $54.20 a share. The SEC and Musk haven't talked about the dispute on the record. The SEC has taken to task Musk over the way he announced his plans to take the company private, and he was required to put any buying stock past a lawyer before posting. Next-Level Sound can be experienced. Theater-like sound surrounds you with spatial audio with dynamic head tracking.
There has been more shakeup on the board. The board members blocked Egon from being reelected to the board on Wednesday. The board rejected his request to step down after he submitted a letter of resignation.
What is going on here? Board members complained that there were too many commitments to other boards. By May 25 of next year, the city will have just five board seats. According to a separate piece, the co-CEO of Silver Lake Partners had originally collaborated with Musk to take the company private. According to the original purchase filing, he was instrumental in putting together Musk's purchase.
More of the board seems to be at the very least cautious about Musk's allies. At the same board meeting, Jack Dorsey, Musk's ally, finally announced he was leaving the board. It came after Goldman claimed that the other board members encouraged Musk to buy the company before they heard about his intentions.
On Wednesday, Musk secured more financing and pledged more funds to buy the company. Some analysts think Musk is getting cold. He said his deal was on hold because he had not been given all the information about the bot situation on the platform. The value of his shares in the company have dropped. The shareholders of the social network said Friday that they were going to file a lawsuit to make sure the promised deal stays on course.
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