The United States Securities and Exchange Commission (SEC) and the Federal Trade Commission (FTC) are investigating Elon Musk over the Twitter acquisition deal.
US federal authorities have been questioning Musk since April 2022 over some of his public filing regarding his investment position in Twitter and failure to update the disclosure.
According to a court filing on Thursday, Twitter had requested that Musk reveal his correspondence with the two federal authorities, but the billionaire had refused.
Twitter has decried the secrecy surrounding Musk’s conversations with federal authorities and demanded an end to it by using a Delaware court to compel Musk’s attorney to turn up the documents.
However, after months of demands, Twitter obtained a “privilege log” in September, which listed materials that should be shielded from disclosure in litigation.
The US Securities and Exchange Commission had questioned Musk’s late disclosure of his 9% interest in Twitter, as well as why he represented himself as a passive shareholder when he later sought to buy 100% of Twitter in April.
Musk eventually changed his profile from passive to active investor. However, this line of questioning from the SEC was conducted in April. Two months later, in June, the capital market regulator asked Musk in a letter whether his decision to halt or terminate the $44 billion transaction should have been updated in his public filing.
Ripples Nigeria previously reported that Musk indicated that he was ending the partnership due to Twitter’s breach of contractual agreement. The social networking platform refuted the Tesla CEO’s claim.
The court has now given Musk until October 28, 2022, to acquire Twitter or face a trial forcing him to do so, which may possibly result in a fine.