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House Republicans ask Twitter board to retain records tied to Musk offer -Breaking

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© Reuters. FILE PHOTO Elon Musk’s Twitter account can be seen in this illustration, taken April 15, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

By David Shepardson

WASHINGTON (Reuters) -A group of 18 U.S. House Republicans on Friday sent Twitter (NYSE:) board members a letter asking them to preserve all records and materials relating to Tesla (NASDAQ:) Chief Executive Elon Musk’s offer to purchase Twitter.

“As Congress continues to examine Big Tech and how to best protect Americans’ free speech rights, this letter serves as a formal request that you preserve all records and materials relating to Musk’s offer to purchase Twitter, including Twitter’s consideration and response to this offer, and Twitter’s evaluation of its shareholder interests with respect to Musk’s offer,” said the letter signed by the top Republican on the House Judiciary Committee, Jim Jordan, and others on the committee.

Democrats from the panel who didn’t sign the letter did not respond immediately to Friday’s comment.

Many predict that Republicans will win control of Congress in November’s elections. That would give them the opportunity to investigate Twitter and subpoena Tesla records.

CNBC first reported the story on Friday.

Republicans have criticised Twitter’s decision to ban the Twitter account of Donald Trump, the former U.S. president, due to increased violence risk after the storming at the U.S. Capitol.

The letter, which was also signed by top Republicans on Judiciary subcommittees, said the Twitter board’s “reactions to Elon Musk’s offer to purchase Twitter, and outsider opposition to Musk’s role in Twitter’s future are concerning.”

Musk claimed that he secured debt and equity financing of $46.5 billion to purchase Twitter. According to U.S. regulatory filings, Musk is now considering offering direct to shareholders.

Forbes ranked Musk as the world’s wealthiest person. Musk submitted a final cash offer for $43 Billion to Twitter on April 14. He said that Twitter must go private in order to expand and be a place of free speech.

After Musk’s offer was rejected by Twitter, the company adopted a “poison pills” strategy to stop him. Musk has yet to decide whether or not to tender his stock to shareholders.

Twitter declined to comment on the Friday letter and said on Thursday that the board was committed to conducting an in-depth, thorough and deliberate review to decide the right course of action for the company, and all Twitter stockholders.

Midday trading saw Twitter shares rise 3.2% to $48.55

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