The SEC may want to rethink its battles in light of the fast one Elon Musk pulled on the beleaguered agency.
After all, it was barely a week ago that the agency essentially threatened to block Musk’s impending acquisition of Twitter, chiefly by opening an investigation into Musk … over filing paperwork a few days late.
That’s right: Out of all the issues to preoccupy the SEC, tardy paperwork apparently occupies the forefront. Paperwork filed by Musk, that is.
WSJ journalist Dave Michaels initially reported on the investigation, noting that the SEC was primarily fixated on the apparent “lag” in Musk’s filing.
“Federal regulators are investigating Elon Musk’s late disclosure last month of his sizable stake in Twitter Inc., according to people familiar with the matter, a lag that allowed him to buy more stock without alerting other shareholders to his ownership,” Michaels writes.
Clearly, other shareholders are more than thrilled with Musk’s generous offer to overpay for Twitter at $54.20 per share, especially given the chaos in which the stock market is presently descending.
“The Securities and Exchange Commission is probing Mr. Musk’s tardy submission of a public form that investors must file when they buy more than 5% of a company’s shares, the people said,” Michaels added.
Ah. There it is. The SEC has gone legit schoolteacher on Musk for his “tardiness.”
Unfortunately for the SEC, Musk sagely pointed out some of the SEC’s own “tardiness” … chiefly its failure to investigate the number of bots proliferating across Twitter.
At a Miami conference, Musk declared that the social media company is apparently stonewalling him over the exact number of bots on the platform, which is rather pertinent information to get a sense of exactly how much deception is peddled by AI disinformers and other chaotic entities.
“Currently what I’m being told is that there’s just no way to know the number of bots,” Musk remarked in disbelief.
Later on, the SpaceX CEO estimated a realistic figure.
“20% fake/spam accounts, while 4 times what Twitter claims, could be *much* higher. My offer was based on Twitter’s SEC filings being accurate. Yesterday, Twitter’s CEO publicly refused to show proof of <5%. This deal cannot move forward until he does,” Musk declared.
No kidding, and, not to mention, how ironic.
After all, the SEC is quibbling over shareholders apparently suffering from Musk’s “tardiness” in acquiring a stake over 5 percent, yet the agency could care less if Twitter actively misrepresents bots as human beings in its quarterly reports.
Quarterly reports that not only have a direct impact on the share price, but also upon the decisions advertisers make with regards to whether or not to use the platform.
Musk’s 20 percent claim drew the ire of current CEO Parag Agrawal, who effectively informed Musk that his question would not be answered.
“Unfortunately, we don’t believe that this specific estimation can be performed externally, given the critical need to use both public and private information (which we can’t share). Externally, it’s not even possible to know which accounts are counted as mDAUs on any given day,” Agrawal whined on Twitter.
Any chance that tweet could be sent up to the so-called “Disinformation” Board?
Though the speed and alacrity of Musk pretty much obviated the need for that to occur, as he replied rapid fire to Agrawal’s astonishingly obtuse commentary.
“So how do advertisers know what they’re getting for their money?” Musk remarked incredulously, “this is fundamental to the financial health of Twitter.”
No kidding. Not to mention fundamental to Musk’s interest, as he’s buying the entire company.
It would be like purchasing a 10-bedroom home only to find out the home really has six bedrooms … though the home is still sold as though it had ten.
Since Twitter is intent on stonewalling Musk, Musk is intent on now stonewalling Twitter, not to mention the SEC, which appears rather ineffectual in terms of its lack of enforcement of Twitter.
“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk announced, effectively warning the platform to clean up its act before he takes over.
And man, he cannot take over soon enough.
Psychologist Dr. Jordan B. Peterson would certainly attest to that, given the torrent of abuse he just received online.
“I recently stopped accessing Twitter for three weeks as an experiment … It was a genuine relief,” Peterson mused, which set the context for his next observation.
“I started to read [and] write more I started using it again, a few days ago, and I would say that my life got worse again almost instantly,” the psychologist remarked.
No kidding. Most people’s lives tend to become worse when they’re enmeshed in the nefarious services of Twitter, Facebook, and all the other social media sludge that has played an undeniable role in brainwashing the nation.
And, Peterson promptly found out that criticizing the latest diversity and inclusion model on the cover of Sports Illustrated is apparently one of the many unspeakable sins fixated upon by the left.
For merely remarking that the model was clearly “not beautiful,” Peterson promptly endured a torrent of abuse on the platform, which prompted him to leave for good.
“The endless flood of vicious insult[s] is really not something that can be experienced anywhere else,” Peterson remarked, “I like to follow the people I know but I think the incentive structure of the platform makes it intrinsically and dangerously insane.”
It’s even more “dangerously insane” when considering the latest explosive release from Project Veritas, wherein engineer Siru Murugesan rages over Musk while proudly proclaiming his apparent communism.
“Our jobs are at stake; he’s a capitalist and we weren’t really operating as capitalists, more like very socialist. We’re all like commie as fuck,” Murugesan roared.
Well, what an achievement. No wonder Twiter has long been in the gutter.
Moreover, no wonder Twitter barely turns a profit, as communists are much more inclined to take handouts and eschew real work at any cost.
And, apparently, free speech.
“Twitter does not believe in free speech,” Murugesan sneered.
Wow, imagine that. A one-man team representing the entirety of Twitter.
Does Murugesan even know what “free speech” is? Or he just understands it to be “bad” because some ultra-left media outlet told him so?
Murugesan also whines that the employees at Twitter apparently couldn’t block Musk’s acquisition of Twitter, clearly unaware of the fact employees work for their employer, not the other way around.
“We did all we could to like revolt against it. A lot of employees were revolting against it, but at the end of the day, the board of directors have the say,” Murugesan raged, claiming that the board only “looked out for themselves” amongst other incensed commentary.
Way to show your ignorance of fiduciary responsibility, Mr. Murugesan.
Ever occur to you that your “job” would go up in smoke if the company collapses, a collapse that would be easily preventable by Musk’s acquisition?
Not to mention the fact that multiple shareholders would rightfully sue the board for egregious violation of obligations to their shareholders, by law.
These communist clowns would ironically be the first ones demanding greater regulation as well, unaware of the fact that Musk’s proposed acquisition of Twitter is very much in line with existing regulations.
What isn’t in line with existing regulations is Twitter’s misrepresentation of material facts.
Author: Ofelia Thornton