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.
> 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.
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.
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.
