Elon Musk ‘f–king with the SEC’ amid Twitter offer

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Elon Musk’s offer to purchase Twitter for $54.20 per share and take the company non-public is simply the newest elaborate dig in the billionaire’s ongoing battle with the SEC, fellow tech entrepreneur Mark Cuban claims.

Musk’s made the offer — full with a 420 reference — alongside a declaration that Twitter “needs to be transformed as a private company” to unlock its full potential. Cuban famous the offer was fairly just like the incident that initially landed Musk in scorching water with the SEC.

In his notorious 2018 tweet, Musk declared that he had “funding secured” to take Tesla non-public at $420 per share — main the SEC to accuse him of creating false and deceptive statements about the company’s funds.

“My conclusion, @elonmusk is f—king with the SEC,” Cuban tweeted. “His submitting w/the SEC permits him to say he needs to take a company non-public for $54.20 Vs. his ‘Am considering taking Tesla private at $420. Funding secured.’

“Price go up. His shares get sold. Profit [up] SEC like WTF just happened,” Cuban added.

Musk revealed his Twitter offer throughout an ongoing effort by his authorized crew to terminate a 2018 settlement with the SEC over his unique “funding secured” tweet.

Elon Musk supplied to purchase Twitter at $54.20 a share.
AFP through Getty Images

The settlement included a consent decree requiring that each one of Musk’s tweets pertaining to Tesla or its business be reviewed and authorized by company attorneys earlier than they could possibly be posted.

The SEC argued that Musk’s tweet constituted fraud, whereas he has maintained it was truthful.

Musk’s spat with the SEC resurfaced throughout his Thursday look at a TED convention in Vancouver — the place he mentioned his offer to purchase Twitter simply hours after it grew to become public data.

During the dialog, Musk was adamant that he had sufficient funding secured to purchase Twitter — and pushed again on the SEC’s stance that he didn’t have the backing to take Tesla non-public in 2018.

“With Tesla back in the day, funding was actually secured. I want to be clear about that,” Musk stated.

Every main tech company , Google, fb, et al is on the telephone with their anti belief legal professionals asking if they will purchase Twitter and get it authorized. And Twitter is on the telephone with their legal professionals asking which could be their white knight. Gonna be attention-grabbing https://t.co/khCVPzuGiM

— Mark Cuban (@mcuban) April 14, 2022

Musk claimed that he solely agreed to settle with the SEC as a result of banks warned him they might minimize off Tesla’s money movement if the case continued.

“So that’s like having a gun to your child’s head,” Musk claimed. “So I was forced to concede to the SEC unlawfully. Those bastards.”

Cuban elaborated on his view of Musk’s offer in a sequence of tweets — revealing his perception that Twitter’s present administration would “do everything possible not to sell the company.”

“They will try to get a friendly to come in and buy Elon’s shares and get him out,” Cuban added.

Cuban surmised that main tech companies corresponding to Google or Facebook may discover an acquisition of the company after Musk’s motion opened the chance of a sale.