8 ms·

The SEC would likely have a field day with this, if there was still a functional SEC.

• dghlsakjg 2y ago
  Does the SEC have any say over privately held companies?
  • fredmingus 2y ago
    In short, yes. https://www.sec.gov/resources-small-businesses/capital-raising-building-blocks/private-companies-sec https://www.sec.gov/resources-small-businesses/capital-raisi...
• Majromax 2y ago
  I'm not sure the SEC would obviously have jurisdiction, since neither Twitter nor xAI were public companies. The FTC might care about such a merger, however, and I suppose minority investors in xAI would have some ability to file a lawsuit if they think that X was acquired over its fair value.
  • fallingknife 2y ago
    Xai and Twitter are not in any way competitors. What would the FTC do?
    • willy_k 2y ago
      [flagged]
  • propter_hoc 2y ago
    This is a very mistaken impression, the SEC certainly is the regulator with jurisdiction over private share trades. The onus for reporting is just much higher for public companies. As a high-profile example, the SEC sued Theranos, a private company with only accredited investors, for making misrepresentations to their investors. https://www.sec.gov/newsroom/press-releases/2018-41 https://www.sec.gov/newsroom/press-releases/2018-41
  • dragonwriter 2y ago
    > I'm not sure the SEC would obviously have jurisdiction, since neither Twitter nor xAI were public companies. The Securities and Exchange Commission deals with private securities, and also with public securities exchanges and the firms listed on them. Public firms have more oversight from the SEC, but private securities are not outside of their purview.
• toomuchtodo 2y ago
  The SEC DOGE was in today? https://www.reuters.com/world/us/us-securities-exchange-commission-beginning-onboard-doge-staff-email-says-2025-03-28/ https://www.reuters.com/world/us/us-securities-exchange-comm...
  • nerdponx 2y ago
    Convenient timing!
  • perihelions 2y ago
    Ongoing thread here, https://news.ycombinator.com/item?id=43510093 https://news.ycombinator.com/item?id=43510093
    • PartiallyTyped 2y ago
      Looks like Musk's dogs are out in force and had the thread flagged ...
• Trasmatta 2y ago
  Meanwhile, Elon is taking over the SEC with his DOGE stooges as we speak
• TheAlchemist 2y ago
  Interestingly enough, I see a headline, pretty much in the same minute Musk tweeted about the deal: U.S. JUDGE REJECTS ELON MUSK'S BID TO DISMISS LAWSUIT ALLEGING HE DEFRAUDED TWITTER SHAREHOLDERS BY WAITING TOO LONG TO REVEAL STAKE What's going on ?? Because he very obviously is guilty of this. Here is the article - I get a feeling that this is very much related: https://www.reuters.com/legal/elon-musk-must-face-fraud-lawsuit-over-disclosure-twitter-stake-2025-03-28/ https://www.reuters.com/legal/elon-musk-must-face-fraud-laws...
  • russdill 2y ago
    It's either that or an East Texas judge.
  • whats_a_quasar 2y ago
    What do you mean, what's going on? The judge rejected Musk's motion to dismiss the lawsuit. Meaning that the suit against him is going forward. Which is the correct outcome, because yeah he's obviously guilty.
    • TheAlchemist 2y ago
      Yes, but what's the link between those 2 news ? They are most probably related, but I don't see how.