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He asserted in the filing that the purchases were designed as a passive investment and that he had no intention or desire to influence Twitter. The adventure started April 4, when Musk disclosed in a filing with the Securities and Exchange Commission that he had acquired a 9.2% stake in Twitter worth about $3 billion.
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There’s no escaping the fact that Paxton’s foray into the Twitter case has made Musk’s takeover bid even more of a circus than it was before. He has pleaded not guilty in the state case and says there’s nothing to the FBI’s investigation. He also is reportedly under criminal investigation by the FBI in a separate matter. That’s because he himself is under indictment for alleged fraud, in a case that has been sitting around unresolved in the Texas court system for seven years without trial. Third, Paxton has some nerve making an accusation of fraud against anyone. Second, Paxton is wrong to say Twitter has claimed that fewer than 5% of all its users are bots Twitter has said fewer than 5% of all its “ monetizable” users are bots, a category that already excludes bots that it has identified and taken steps to throw off the platform. Some points about that: First, the “intense scrutiny” has come from exactly one person, Elon Musk, who as we’ll explain may have an ulterior motive for raising the issue neither Musk nor anyone else has presented a speck of evidence that Twitter has been misleading about fake accounts. “Twitter has received intense scrutiny in recent weeks” for its claim that “fewer than 5% of all users are bots,” Paxton said. How does Elon Musk get away with his shenanigans? Because regulators are intimidated. Business Column: Why don’t regulators stop Elon Musk from breaking the law?