Meanwhile, social network’s board rejects resignation of one its directors
America’s financial watchdog is investigating whether Elon Musk adequately disclosed his purchase of Twitter shares last month, just as his bid to take over the social media company hangs in the balance. A letter [PDF] from the SEC addressed to the tech billionaire said he “[did] not appear” to have filed the proper form detailing his 9.2 percent stake in Twitter “required 10 days from the date of acquisition”, and asked him to provide more information. Musk’s shares made him one of Twitter’s largest shareholders. Musk quickly moved to try and buy the whole company outright in a deal initially worth over $44 billion. Musk sold a chunk of his shares in Tesla worth $8.4 billion and bagged another $7.14 billion from investors to help finance the $21 billion he promised to put forward for the deal. The remaining $25.5 billion bill was secured via debt financing by Morgan Stanley, Bank of America, Barclays, and others. But the takeover is not going smoothly. Now, Musk must secure $33.
