Mark Cuban: Musk ‘is f**king with the SEC’ as part of a pump-and-dump plan

Tesla CEO Elon Musk has offered to buy Twitter in a move that would cost him more than $43 billion but Mark Cuban thinks a takeover by the billionaire is not the goal.

Cuban tweeted his “conclusion” Thursday that Musk is actually just “f–king with” the Securities and Exchange Commission and has no intention of buying out the social media platform.

Musk had already purchased 9% of Twitter and as the day began with Twitter shares opening at more than $48 a share, Musk had offered to take the company private by buying it out at $54.20 a share.

The SpaceX CEO whom Forbes lists as the world’s richest person, worth $219 billion, turned down an offer to join Twitter’s board of directors after becoming the company’s largest shareholder with his purchase of $2.9 billion shares. His tweet Thursday revealing he had “made an offer” on the company sparked speculation again about his intentions.

“My conclusion, @elonmusk is f–king with the SEC. His filing w/the SEC allows him to say he wants to take a company private for $54.20,” Cuban tweeted Thursday with a laughing face emoji.

He compared the latest move with Musk’s tweet back in 2018 that he had secured funding to take Tesla private.

“Price go up. His shares get sold. Profit,” Cuban tweeted. “SEC like WTF just happened.”

Musk’s bid on Tesla had caused the company’s stock to spike but the purchase never materialized and the “funding secured” tweet sparked an SEC investigation, with a subsequent $40 million in civil fines for both Musk and Tesla.

The 50-year-old entrepreneur has not had kind words about the federal agency.

Meanwhile, Cuban thinks “Twitter will do everything possible not to sell the company. They will try to get a friendly to come in and buy Elon’s shares and get him out.”

Cuban also tweeted that he believes “every major tech company… is on the phone with their anti trust lawyers asking if they can buy Twitter and get it approved.”

“Elon may have started this, but his threat to sell his shares ,if twitter says no, opened the door for those tech giants to walk in for relatively ‘little’ money and grab huge influence at Twitter or possibly a direct path to acquisition,” Cuban speculated in another tweet. “Elon will smile all the way to the bank.”

Hours after his eyebrow-raising offer to buy the social media platform, Musk had said, “I could technically afford it.”

“But what I’m saying is, this is not a way to sort of make money,” he said during a TED Talk with Chris Anderson on Thursday, according to Fox Business. “My strong, intuitive sense is that having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization. I don’t care about economics at all.”

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Frieda Powers

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