Adding to the ongoing saga between Sen. Elizabeth Warren (D-Mass.) and Elon Musk, Twitter on Thursday announced plans to subpoena Senator Warren.
What Happened: Musk's move is part of Twitter’s ongoing legal dispute with the Federal Trade Commission (FTC), with the tension rising a notch when Warren called for an investigation into possible conflicts of interest involving Musk’s roles as the CEO of both Twitter and Tesla Inc TSLA.
Musk is no longer the CEO of the micro-blogging platform.
The subpoena calls for the production of all communications between Warren and the FTC, as well as with the Securities and Exchange Commission, relating to Twitter or Musk, according to a court document filed Thursday.
Twitter's filing came days after Warren urged the SEC to investigate Tesla and its board of directors for potential conflicts of interest and misappropriation of corporate assets.
Warren’s concerns stem from Musk’s decision to buy Twitter in a $44-billion deal, of which $13 billion was debt and about $15.4 billion came from Musk's sale of Tesla shares.
Read also: No More Poop Emoji For The Media, Elon Musk Says He’s Gonna Send This To Reporters Instead
In a tweet, Warren shared her concerns about what she is said was a lack of action and oversight by Tesla’s board over any potential conflicts of interests between Musk and the electric car maker.
Musk, in his usual irreverent fashion, responded to Warren with a lighthearted plea for friendship and an off-topic query about her favorite Halloween costume.
The sandpaper-like discussion between Musk and Warren is just the latest in a series of legal tussles between the Tesla CEO and federal regulatory bodies.
Musk and the SEC have repeatedly clashed, notably over his tweet in 2018 where he claimed to be considering taking Tesla private at $420 per share.
In the latest dispute, Twitter asked a court to terminate a consent order from the FTC concerning data breaches, which comes in the wake of the company’s cost-cutting measures.
Twitter alleges bias and overreach by the FTC.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.