The letter called into question a May Tweet where the billionaire said the prevalence of bots on the platform meant the deal 'cannot move forward.'
“The term ‘cannot’ suggests that Mr. Musk and his affiliates are exercising a legal right under the terms of the merger agreement to suspend completion of the acquisition of Twitter or otherwise do not intend to complete the acquisition,” the SEC wrote in its filing dated June 7. “Yet, we note that the Schedule 13D has not been amended to reflect the apparent material change that has occurred to the facts previously reported under Item 4 of Schedule.
The regulators called on Musk to provide a “clear statement” on whether or not he intended to acquire Twitter. Mike Ringler, Musk’s attorney, responded by saying he did not believe Musk’s tweet triggered any regulatory requirements.“Despite Mr. Musk’s desire to obtain information to evaluate the potential spam and fake accounts, there was no material change to Mr. Musk’s plans and proposals regarding the proposed transaction at such time,” Ringler wrote in his letter to the SEC.
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