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    Regulators from the Securities and Exchange Commission are reportedly investigating Elon Musk and his effort to procure Twitter shares before his offer to purchase the company. The SEC investigation into Musk concerns the handling of his disclosure of stocks, according to a report from the Wall Street Journal. While the agency has not publicly confirmed this investigation as of Thursday, it would be the second regulatory investigation into Musk's business conduct after becoming the presumed owner of Twitter. JACK DORSEY: TRUMP TWITTER BAN 'SHOULDN'T HAVE BEEN' A 'BUSINESS DECISION' Musk acquired a 5% stake in Twitter as early as March 14, according to the Wall Street Journal. The SEC requires investors to file a form with the regulatory agency when their stake hits 5% so other stakeholders are aware of whether a person will attempt to gain control of the company. The billionaire did not disclose his shares until they were 9.2% on April 4, more than a week after the 10-day deadline that the SEC required. The decision to delay the disclosure...
    Elon Musk's purchase of the largest individually-held stake in Twitter is being investigated by U.S. regulators after he delayed reporting the buy - and thus failed to provide sufficient warning that a takeover bid was looming. The investigation, currently in its early stages, could provoke a firestorm between the mercurial entrepreneur and the financial regulators, just as Musk is trying to wrap up his purchase of Twitter, approved on April 26. It also comes amid frenzied speculation about what the world's richest man will do to Twitter once he takes the reins.  On Tuesday, he said he would allow Donald Trump back on Twitter, in line with his previous declarations that he planned to err on the side of free speech rather than bans and censorship. On Wednesday, Jack Dorsey, the co-founder and former CEO, also denied recent speculation that he had been brought back to head the Musk-owned company. With the deal to take Twitter private expected to take two to three months to finalize, speculation is mounting as to what Musk will do. The 50-year-old's first move towards buying...
    Hong Kong (CNN Business)Didi says it is facing an investigation by US regulators into its botched IPO last year. The Chinese ride-hailing giant said in a regulatory filing this week that it is cooperating with the investigation by the US Securities and Exchange Commission about its share offering, "subject to strict compliance with applicable PRC laws and regulations.""We cannot predict the timing, outcome or consequences of such an investigation," the company added.The SEC didn't immediately respond to requests for comment after business hours. Didi didn't immediately respond to a request for comment.Didi launched a much-anticipated $4.4 billion initial public offering on the New York Stock Exchange on June 30, 2021, the biggest US share offering by a Chinese firm since Alibaba's blockbuster debut in 2014. Read MoreBut days later, the Chinese government banned Didi from app stores in the country and launched an investigation into its handling of customer data. Authorities from the powerful Cyberspace Administration of China accused Didi of breaking privacy laws and posing cybersecurity risks. Their actions were also widely seen as punishment for the company's decision...
    A small biotech company that saw its stock evaluation rocket after revealing it had developed a drug that could potentially reverse the cognitive decline of Alzheimer's - which would be the first of its kind - is now facing allegations of manipulating or falsifying data. Cassava Sciences, an Austin, Texas-based company, revealed last year that its drug simufilam showed incredible promise in early trials - and it was rewarded with incredible stock growth, peaking at $135 per share after spending years under the $5 mark.  But then the skeptics arrived, with now multiple experts pointing out irregularities in published data, even making major accusations that the company and associated researchers had manipulated data. The company is now facing an investigation from the Securities and Exchange Commission (SEC), and has had some of its trial data either rescinded or marked by journals as potentially manipulated. This is the second major controversy to strike a newly developed Alzheimer's drug in the last 12 months, with Biogen's Aduhelm also receiving a wave of scrutiny after it received approval from the Food and Drug...
    The SEC has reportedly launched an investigation into how Amazon discloses details of its business practices, including how it uses third-party seller data. The company stands accused of using data from third-party sellers to decide when to make its own private-label products, unfairly competing with the very companies that generate its sales. The Wall Street Journal reports that the SEC has initiated a probe of how Amazon handles disclosures of its employees’ use of data from sellers on its e-commerce platform. The SEC has reportedly requested email and communications from multiple senior Amazon executives as part of its probe. Amazon CEO Andy Jassy (Isaac Brekken/AP) An employee carries a package at the distribution center of US online retail giant Amazon in Moenchengladbach, on December 17, 2019. (Photo by INA FASSBENDER/AFP via Getty Images) In April 2020, an investigation by the Wall Street Journal found that Amazon’s employees regularly used individual third-party-seller data to develop products for Amazon’s in-house brands. A company spokesperson denied that the firm engaged in such acts and stated that the company does “not use their individual data when we’re making decisions...
    The ELMS Urban Delivery, anticipated to launch later this year, is expected to be the first Class 1 commercial electric vehicle available in the U.S. market and will be produced at the Company's facility in Mishawaka, Indiana.Electric Last Mile Solutions DETROIT – Shares of EV start-up Electric Last Mile Solutions plummeted during intraday trading Monday to $1 a share after the company confirmed a probe by the Securities and Exchange Commission into its operations. The late-Friday disclosure is the latest problem for the Troy, Michigan-based company following unexpected resignations last month of both the company's chairman and CEO. The departures were connected to ELMS determined the executives lied during an internal investigation into share purchases ahead of the company going public through a special purpose acquisition company, or SPAC. ELMS said it learned of the investigation by the SEC on March 7, according to the regulatory filing Friday. The company also said it was withdrawing previous guidance and would need to raise cash to its vehicles to market. Shares of ELMS were down by as much as 47% during intraday...
    New York (CNN Business)Tesla CEO Elon Musk is escalating his battle with the Securities and Exchange Commission, accusing a staff member of illegally leaking the results of an investigation. Musk said the regulator is trying to "weaponize" an earlier consent decree he and Tesla signed "for illicit ends."The allegations in a court filing did not disclose the contents of the alleged leak, the name of the staff member who is alleged to have leaked the information or where it was reported. Most of the reporting on Musk's battles with the agency for the last week have been based on court filings that are part of the public record. But this latest missive from Musk's lawyers disclosed that it has sent a letter to the agency's Inspector General requesting an investigation of the agency's conduct in its probes of Tesla and Musk. Musk's attorneys demanded SEC staff "preserve their records and devices."The SEC did not immediately respond to a request for comment on this latest letter from Musk and his lawyers.Musk has criticized the SEC for years, tweeting that it is...
    In this article TSLAElon Musk, chief executive officer of Tesla Inc., speaks to members of the media while departing from federal court in New York, U.S., on Thursday, April 4, 2019.Natan Dvir | Bloomberg | Getty ImagesThe Securities and Exchange Commission submitted a letter to a federal judge on Friday responding to allegations by Tesla CEO Elon Musk that the agency had "broken promises" and engaged in a "pattern of conduct" amounting to harassment after an earlier settlement agreement. In September 2018, the SEC charged Musk with making "false and misleading" statements to investors after he announced via Twitter that he had secured funding for a private buyout of Tesla at $420 a share. Following his tweets, Tesla stock went into a period of unusual volatility and the deal Musk alluded to never materialized. Tesla, Musk and the SEC eventually struck a revised settlement agreement in 2019 to resolve the charges. As part of the deal, Musk had to temporarily relinquish his role as chairman of Tesla's board and to pay a $20 million fine individually. Tesla also had to pay...
    The NFL has hired former Securities and Exchange Commission chair Mary Jo White to investigate an allegation that Washington Commanders owner Dan Snyder sexually harassed a team employee more than a decade ago. White will detail her findings in a written report, which will be released to the public since the allegation against Snyder was made in a public forum, NFL spokesman Brian McCarthy said Friday. Following the probe, McCarthy said Commissioner Roger Goodell will determine “any appropriate action” against Snyder, who last year was fined $10 million after a previous investigation into widespread sexual harassment and mistreatment of women by high-ranking team employees. Snyder also temporarily ceded day-to-day operations of the franchise to his wife, Tanya. The findings of that investigation have been kept from the public, and the House Committee on Oversight and Reform has been pressing the league to hand over documents from the probe. Goodell has said the investigation was kept under wraps to protect the anonymity of team employees who spoke to attorney Beth Wilkinson. During a committee roundtable earlier this month, former Washington employee...
    DETROIT (AP) — U.S. auto safety regulators have launched another investigation of Tesla, this time tied to complaints that its cars can stop on roads for no apparent reason. The government says it has 354 complaints from owners during the past nine months about “phantom braking” in Tesla Models 3 and Y. The probe covers an estimated 416,000 vehicles from the 2021 and 2022 model years. READ MORE: Police Shoot, Kill Pleasanton Domestic Violence Suspect Following StandoffNo crashes or injuries were reported. The vehicles are equipped with partially automated driver-assist features such as adaptive cruise control and “Autopilot,” which allows them to automatically brake and steer within their lanes. Documents posted Thursday by the National Highway Traffic Safety Administration say the vehicles can unexpectedly brake at highway speeds. “Complainants report that the rapid deceleration can occur without warning, and often repeatedly during a single drive cycle,” the agency says. Many owners in the complaints say they feared a rear-end crash on a freeway. The probe is another in a string of enforcement efforts by the agency that include Autopilot and...
    Inspector General of the Securities and Exchange Commission (SEC), Carl Hoecker, was permitted to keep his job even after a 2019 investigation recommended that he be fired for “serious misconduct." Government documents obtained by Reuters through a public records request showed that instead of firing Hoecker, the SEC decided to place him on an unpaid temporary suspension in May of 2020. Hoecker has since returned to work. The investigation into Hoecker was conducted by the Integrity Committee which is a federal panel tasked with probing allegations of wrongdoing against inspector generals. Reuters reported the committee determined that Hoecker abused his authority and carried out a “remarkably biased and flawed” probe into allegations against two of his employees who allegedly had a sexual relationship. According to the committee, Hoecker's investigation “created the appearance that he attempted to conceal potential wrongdoing” carried out by the two employees, who had worked for him at another agency. The two employees — a female worker and her male supervisor — allegedly left work while still being paid in order to spend time together. The male supervisor was also accused of giving the...
    A company connected to Trump's attempt to make a social media alternative is under investigation by federal regulators. Digital World Acquisition Corp ., a SPAC partnered with the Trump Media & Technology Group, said in a public filing on Monday that it received inquiries from the Securities and Exchange Commission and the Financial Industry Regulatory Authority in recent weeks. The company stated that it had received "certain preliminary, fact-finding inquiries" from both regulators and that it would comply with these inquiries from both federal agencies. TRUMP SOCIAL MEDIA COMPANY RAISES $1 BILLION IN INVESTMENTS The company said it received an inquiry in late October and early November related to a review of trading that occurred before the company's Oct. 20 announcement that it would merge with Trump Media & Technology Group. The company also received requests for details and documents in early November from the SEC. While some may jump quickly to conclusions about the merits of Digital World Acquisition Corp.'s business initiative, the company notes that SEC and FINRA inquiries do not necessarily...
    Doug Mills-Pool/Getty Images Former President Donald Trump hasn’t truly gotten his new social media platform off the ground. However, it is already facing a serious investigation from the Securities and Exchange Commission. The SEC and other regulators announced the launch of “fact-finding inquiries” into the media company Trump is trying to construct from the partnership of Digital World Acquisition Corp (DWAC) and Trump Media & Technology Group (TMTG). The statement notes that “the investigation does not mean that the SEC has concluded that anyone violated the law,” but it does come after the organization has been seeking documents regarding DWAC policies, investor information, and communications with TMGT. DWAC has received certain preliminary, fact-finding inquiries from regulatory authorities, with which it is cooperating. Specifically, in late October and in early November 2021 DWAC received a request for information from FINRA, surrounding events (specifically, a review of trading) that preceded the public announcement of the October 20, 2021 Merger Agreement. According to F1NRA’s request, the inquiry should not be construed as an indication that F1NRA has determined that any violations of Nasdaq...
    Tesla founder Elon Musk faces accusations that he used Twitter to obfuscate news that the Securities and Exchange Commission is investigating his company. Last week, the billionaire tweeted a link to his 66 million followers promoting a “Cyberwhistle,” which is a conventional whistle modeled after Tesla’s forthcoming Cybertruck, an angular and futuristic vehicle. Along with the link, Musk tweeted: “Blow the whistle on Tesla!” “Don’t waste your money on that silly Apple Cloth, buy our whistle instead!” Musk proclaimed, referencing Apple’s new $19 polishing cloth that was released to much fanfare, with many on back order. Don’t waste your money on that silly Apple Cloth, buy our whistle instead!— Elon Musk (@elonmusk) December 1, 2021 While many saw Musk’s tweets about the Cyberwhistle to be just another quirky offering from the world’s wealthiest person — his Boring Company has sold a flamethrower, and Telsa has offered surfboards — other users accused him of preempting news about the SEC whistleblower investigation by flooding search engines with stories about Tesla’s whistle to bury the whistleblower news. Matthew Stoller,...
    In this article FOUNU.S. President Donald Trump participates in the first presidential debate against Democratic presidential nominee Joe Biden at the Health Education Campus of Case Western Reserve University on September 29, 2020 in Cleveland, Ohio.Win McNamee | Getty ImagesThe publicly traded SPAC that has announced plans to merge with former President Donald Trump's new social media company said in a new filing that the SEC and FINRA regulatory agencies have asked for information regarding stock trading and communications with Trump's company before the deal was announced. The investigations were disclosed in an 8-K filing by Digital World Acquisition Corp., the special purpose acquisition company. "DWAC has received certain preliminary, fact-finding inquiries from regulatory authorities, with which it is cooperating," the company said in the filing. "Specifically, in late October and in early November 2021, DWAC received a request for information from FINRA, surrounding events (specifically, a review of trading) that preceded the public announcement of the October 20, 2021 Merger Agreement," the filing said. "According to FINRA's request, the inquiry should not be construed as an indication that FINRA...
    (CNN)A federal judge has ordered Sen. Richard Burr's brother-in-law to answer questions from the Securities and Exchange Commission, allowing the regulator to advance its investigation into their stock sales.Judge Andrew Carter said Gerald Fauth, Burr's brother-in-law, would have to testify, but he agreed to some accommodations to mitigate Fauth's undefined medical condition.Fauth had tried to avoid testifying in person, saying a serious medical condition should prevent him from enduring the stress of being questioned under oath. Burr, a North Carolina Republican who held positions on committees overseeing health policy and US intelligence, sold $1.65 million in stock on February 13, 2020, according to court filings. The sales included tens of thousands of dollars in stock in the hospitality industry, which was particularly hard hit in the coronavirus outbreak. Burr was staying at Fauth's home the week of the well-timed stock sales.Lawyers for Fauth and Burr have denied any wrongdoing.Read MoreThe 10 Senate seats most likely to flip in 2022The SEC will need to provide documents and topics one week in advance of Fauth's remote testimony, which will be limited to...
    Mystery surrounds the disappearance of an LA mom who was last seen at her son's football game more than two weeks ago - after her dog was found alone on the 28th floor of an apartment building 12 miles from home. Police have released home surveillance footage of Heidi Planck leaving her home in the Reynier Village district of Los Angeles on October 17. The pair drove off and  Planck met her ex-husband, Jim Wayne, at a sports ground in the Downey district of LA to watch their 10-year-old son play football.  Planck said she needed to leave at half time, and has not been seen since.  Her dog, Seven, was found later that day in downtown Los Angeles on the 28th floor of a building, and was traced to her thanks to his microchip.  But the owners of that apartment complex are reportedly refusing to cooperate with investigators and have denied requests to search the building's parking structure and security footage without warrant, CBS 2 reported.  'People are very, very attached to their pets, and their pets do not just go missing,' said Jarrod...
    (CNN)A US Securities and Exchange Commission insider trading investigation into stock trades made by Sen. Richard Burr and his brother-in-law at the outset of the pandemic remains open, the SEC said in court filings made public this week.Burr, a North Carolina Republican, sold $1.65 million in stock on February 13, 2020, the court filings revealed. The sales included tens of thousands of dollars in stock in the hospitality industry, which was particularly hard hit in coronavirus outbreak. A Justice Department investigation into the trades was launched in March last year, soon after questionably timed trades by Burr and other lawmakers became publicly known. The Justice Department investigation -- which was being done in coordination with the SEC -- was closed in January, right before the inauguration. The new filings in the SEC dispute are the first public indication that an investigation into Burr is still active.The new filings outline a series of calls, after Burr allegedly directed the sale, between the senator, his sister Brooke Burr and her husband, Gerald Fauth. Later that day, Fauth directed a broker to sell...
    The Securities and Exchange Commission (SEC) is investigating whether Sen. Richard BurrRichard Mauze BurrInternal poll shows McCrory with double-digit lead in North Carolina GOP Senate primary Democratic incumbents bolster fundraising advantage in key Senate races McConnell gets GOP wake-up call MORE (R-N.C.) violated federal insider trading laws by selling more than $1.6 million in stocks before the market crashed last year. In a court filing last week, the SEC revealed that it was probing Burr’s decision to liquidate almost all of his stock holdings on Feb. 13, 2020 after receiving classified briefings about the emerging coronavirus pandemic. The agency is also investigating whether Gerald Fauth, Burr’s brother-in-law, made similar stock sales based on information he received from Burr in a phone call the same day. “Among other things, the Commission is investigating whether [Burr] sold stocks on the basis of material nonpublic information,” the agency revealed in a declaration filed in the District Court for the Southern District of New York, where it is attempting to force Fauth to comply with a subpoena. The SEC said it “appears” that Burr had...
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