Warren urges SEC to investigate Tesla over Twitter ties
Warren sends a letter to the U.S. Securities and Exchange Commission, urging them to investigate Tesla over possible conflicts of interest, misappropriation of corporate assets, and other negative impacts to Tesla shareholders related to Musk’s Twitter takeover. Warren says the Tesla board’s “apparent lack of independence” from Musk raises questions about possible violations of security laws and exchange rules which fall under SEC’s jurisdiction.
Musk SEC letter confirming Twitter purchase released
Musk’s letter [link] to the SEC, confirming purchase of Twitter, is released. The purchase is conditional on debt financing and a stay of action of the Twitter-Musk court case.
Gentlemen: On behalf of X Holdings I, Inc., X Holdings II, Inc. and Elon R. Musk (the “Musk Parties”), we write to notify you that the Musk Parties intend to proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement, on the terms and subject to the conditions set forth therein and pending receipt of the proceeds of the debt financing contemplated thereby, provided that the Delaware Chancery Court enter an immediate stay of the action, Twitter vs. Musk, et al. (C.A. No. 202-0613-KSJM) (the “Action”) and adjourn the trial and all other proceedings related thereto pending such closing or further order of the Court.