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Yellen says there is 'no basis' for probing Musk's $44 billion Twitter acquisition

FOX News logo FOX News 11/15/2022 Aislinn Murphy
Biden on investigating Elon Musk's Twitter acquisition
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Treasury Secretary Janet Yellen weighed in Tuesday on whether there is cause to investigate billionaire Elon Musk’s $44 billion Twitter acquisition.

"Well, I’m not sure precisely what [the president] had in mind, but we are – we have really no basis – to the best of my knowledge – to examine his finances of his company," she said in an interview with CBS News. "I’m not aware of concerns that would cause us to [investigate]."

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Yellen, who also heads the Committee on Foreign Investment in the United States, reiterated that stance while replying to another question during the interview, CBS News reported. 

Treasury Secretary Janet Yellen speaks during a news conference at the annual meeting of the International Monetary Fund and the World Bank Group, Oct. 14, 2022, in Washington. AP Photo/Manuel Balce Ceneta, File © AP Photo/Manuel Balce Ceneta, File Treasury Secretary Janet Yellen speaks during a news conference at the annual meeting of the International Monetary Fund and the World Bank Group, Oct. 14, 2022, in Washington. AP Photo/Manuel Balce Ceneta, File

President Joe Biden recently suggested Musk’s Twitter takeover and technical relationships with other countries should be scrutinized.

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"I think that Elon Musk’s cooperation and/or technical relationships with other countries, uh, is worthy of being looked at," the president said. "Whether or not he is doing anything inappropriate, I’m not suggesting that. I’m suggesting that… it’s worth being looked at."

President Joe Biden walks past members of the media as he and first lady Jill Biden leave the White House, Feb. 27, 2021. AP Photo/Pablo Martinez Monsivais © AP President Joe Biden walks past members of the media as he and first lady Jill Biden leave the White House, Feb. 27, 2021. AP Photo/Pablo Martinez Monsivais

His remarks came in response to a question from a reporter at a Nov. 9 White House press conference about whether Musk posed a "threat to U.S. national security" and whether the "joint acquisition of Twitter with foreign governments, which include the Saudis" should be investigated.

A photo illustration with Twitter owner Elon Musk. Getty Images/iStock © Getty Images/iStock A photo illustration with Twitter owner Elon Musk. Getty Images/iStock

Musk completed his $44 billion acquisition of Twitter in late October after a lengthy legal battle that involved the Delaware Court of Chancery giving him and the social media company an Oct. 28 deadline to do so. According to disclosures, funding for the deal included $33.5 billion in equity financing largely from Musk and $13 billion in debt, FOX Business previously reported.

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Since taking over, he has made major changes to Twitter, such as laying off about 50% of its workforce and launching a verification badge purchasable for $8 per month.

Greg Wehner contributed to this report.

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