The Twitter profile of Elon Musk is seen on a smartphone with the Twitter logo printed on it in this photo illustration taken on April 28, 2022.
Time is running out for Elon Musk in terms of Twitter acquisition deal.
Elon Musk has October 27 at 5 pm (2:30 pm India time) ET on October 27 to complete his $44 billion acquisition of Twitter, so time is running out. The Tesla CEO's $44 billion acquisition of Twitter is under investigation by US federal authorities, according to media sources citing a court filing by the microblogging platform. Tesla CEO Elon Musk has until Friday to finalize the deal or risks going to court.
According to CNN, the Twitter court filed regarding the current investigation into the business magnate's conduct being overseen by authorities left out specifics. Without going into details, Twitter said in the court document that they are investigating Musk's "behavior" in relation to the transaction. Musk Legal Employee appears to be under the most scrutiny.
Twitter accused Musk's legal team of neglecting to deliver a draft letter to the Securities and Exchange Commission and PowerPoint shows to the Federal Trade Commission. According to CNN, it is part of an ongoing dispute between the two sides over whether Musk can back out of the deal.
Musk's lawyer, Alex Spiro, responded to the Twitter filing, saying it only serves to divert attention from his legal difficulties, which were revealed through the whistleblower disclosure. In September, Peter Zatko accused the social media platform of wrongdoing, including.
"Twitter officials are under federal investigation," the former head of Twitter security said in a statement to CNN. "This misdirection was sent by Twitter to find out which of their mixed misconduct is being investigated."
Musk, who had previously expressed interest in buying Twitter, abruptly terminated the agreement in July. The Tesla CEO said that by exaggerating the amount of spam and false bot accounts on his network, Twitter has breached the terms of their mutual purchase agreement.
Twitter sued Musk after accusing him of employing bots as an excuse to back out of transactions. Last week, Musk reiterated that he would proceed with the purchase of Twitter at an initially agreed price of $54.20 per share. However, the judge presiding over the issue has ordered a stay on Twitter takeover legal processes until October 28.
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