In yet another turn in the months-long Elon Musk Twitter saga, Twitter (NYSE: TWTR) stated in a court filing that Elon Musk is being investigated by federal authorities for his conduct related to the $44 billion takeover deal.
No further details were given out related to the subject of the probe.
According to Twitter, Musk’s lawyers gave information to the U.S. Securities and Exchange Commission and Federal Trade Commission regarding the deal at the end of last month.
However, they did not share the same with Twitter citing, “investigative privilege.” Twitter had demanded a copy of those documents but was refused then.
Is Twitter a Buy Right Now?
Given the overhang on the Elon Musk Twitter Deal, TWTR stock has received one Buy, and 14 Hold recommendations for a Hold consensus rating. Twitter stock’s average price forecast of $47.18 implies 6.28% downside potential.
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