Darby
Epochal Historian
The issue here with the take-over bid by Musk is Twitter has filed certain required documents with the SEC, including quarterly SEC Forms 10-Q that, among other things, state their market value via user accounts. Those documents were signed by the Board of Directors under penalty of perjury.
When Musk first made the bid everyone at Twitter was aghast! "OMG this can't be happening! Musk must be stopped at all costs." Then Musk calls their bluff and demands that they back up their proffer that BOT accounts represent <5% of all accounts or the deal is off. "OMG, he can't back out! Musk must be stopped at all costs."
Now the SEC knows that maybe there's a problem. It's one thing to be less than truthful in the private sale of a business. But knowingly and with fraudulent intent being less than truthful in stating the value of a publicly traded company during a take-over bid means someone is going to prison.
Musk has played this like a master.
