(Tea Party PAC) – If there’s one thing we can count on from Joe Biden and his time in the White House, it’s his innate ability to take anything and everything and find a way to destroy it. That’s practically the modus operandi of his entire administration.
The thing he’s trying to obliterate now is the $44 billion purchase of Twitter by billionaire Elon Musk, thanks to the Securities and Exchange Commission.
A report from The Western Journal is saying that SEC regulators are now looking into Musk’s late submission for a required form. Man, these folks really, really hate freedom of speech, don’t they? Could it be because they know that if there is a platform where people can speak out against their insanity and put their policies under scrutiny openly, they know they won’t withstand the process?
“When investors acquire more than 5 percent of a company, they are required to submit a disclosure form notifying shareholders that a significant new investor ‘could seek to control or influence a company,’ sources told The Wall Street Journal,” the report said.
The SEC is, as we speak, conducting an investigation into why Musk waited until April 4, weeks after buying up more than 5 percent of Twitter shares, to turn in the form.
“In fact, according to the report, Musk’s Twitter holdings reached 5 percent on March 14. Under SEC regulations, this suggests the billionaire should have submitted a disclosure by March 24,” the report continued. “Despite all of this, Aron Solomon — the chief legal analyst for Esquire Digital — claims that Musk has no reason to worry.”
In Solomon’s view, the acquisition of the company is “too big to fail,” and involvement from the SEC would damage the shareholders.
“There is no way that the SEC, the [Department of Justice], or any other similarly-situated body will even consider laying a finger on this deal,” Solomon went on to tell The Western Journal in a statement.
“Aside from the fact that Elon Musk’s acquisition of Twitter is too big to fail, who would ultimately be hurt by regulatory involvement at this point would be the existing shareholders whose shares Musk is acquiring,” he added.
Musk has had a rather rocky relationship with the SEC over the years.
Back in September of 2018, the agency filed a lawsuit against him “over allegedly fraudulent statements he made on Twitter about having obtained funding to take Tesla private,” the Journal said.
The suit came to an end with Musk paying a hefty $20 million fine.
“Musk recently commented on the 2018 case, claiming he had not lied but was bullied into settling with the SEC,” the report continued. “According to Musk, regulators threatened to bombard Tesla with further litigation.”
“Now it makes it look like I lied when I did not in fact lie,” he stated, according to information contained in a separate Wall Street Journal report. “I was forced to admit that I lied to save Tesla’s life.”
“The SEC is not the only agency looking into Musk. The Federal Trade Commission is launching its own separate investigation as well,” the WJ reported.
“Separately, the Federal Trade Commission is investigating whether Mr. Musk violated a law that requires companies and people to report certain large transactions to antitrust-enforcement agencies, according to a person familiar with the matter,” the Journal stated in a report published on Wednesday.
“After making the filing, an investor generally waits at least 30 days — giving the government time to review the purchase for whether it hurts competition — before buying more shares,” the Journal report said.
The investigation conducted by the FTC could end up producing fines up to $43,792.
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