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SEC targets Musk again

The Securities and Exchange Commission (SEC) is likely to seek enforcement action that could bar Elon Musk from serving as an officer or director of a public company, according to former SEC officials. This move comes as the SEC investigates Musk’s alleged deliberate violation of securities laws regarding the timely disclosure of his Twitter stock purchases.

Musk disclosed his ownership of Twitter stock 11 days after the regulatory deadline, revealing his stake only after surpassing 9% ownership and receiving an offer to join the company’s board. This delay in disclosure is under scrutiny as it potentially allowed Musk to avoid a rise in Twitter’s share price while he was accumulating his stake.

You can read more on the matter here.

What’s going on?

• Conservatives Advance Lead in Vote Intention; Liberals and NDP Now Just Tied (theDeepDive)

• Bank of England set to hold interest rates despite inflation hitting 2% target (CNBC)

• Russia Agrees to Grant China Access to Major Trade Route, Giving Security Issues for Japan (theDeepDive)

• Trauma from Red Sea attacks adds to seafarer shortage (Reuters)

• Adobe Sued Over Deceptive “Annual, Paid Monthly” Plan, Cancellation Process (theDeepDive)

• Student Visa Crackdown Begins Slowing Canada Population Gains (Bloomberg)

• Bill Gates To Invest Billions in Next-Gen Nuclear Power (theDeepDive)

• Israel warns Lebanon of prospect of ‘all-out war’ as U.S. seeks to de-escalate hostilities (CNBC)

• Geopolitical Shift: Russia and North Korea Forge “Comprehensive Strategic Partnership” (theDeepDive)

• Norway tightens controls over adoptions from abroad but won’t ban practice as investigation unfolds (Globe)

What’s the latest?

• Calls For Transparency: NDP MP Jenny Kwan has called on the House of Commons to find a way to publicly name the politicians identified in a secret report as being compromised by hostile foreign states. The report from the National Security Intelligence Committee of Parliamentarians revealed that some current and former parliamentarians have been collaborating with foreign states, but did not name the individuals. Kwan argued that disclosing the names is necessary to stop MPs and senators from betraying their country and to remove the cloud of suspicion over all parliamentarians.

• WestJet Cancellations: WestJet has preemptively cancelled about 40 flights, affecting around 6,500 travellers, in anticipation of a potential strike by its aircraft maintenance workers on Thursday. The airline is consolidating flights to park aircraft safely. Approximately 670 WestJet mechanics, represented by the Aircraft Mechanics Fraternal Association, may strike after serving notice earlier this week.

• Nuvei Buyout: Nuvei Corp. shareholders have overwhelmingly approved a plan to be acquired by the American private equity firm Advent International at a US$6.3 billion valuation, with 99.24 per cent voting in favor. Shareholders will receive US$34 per share in cash under the proposal. CEO Philip Fayer, who will continue to lead the company.

• Geopolitics: Russian President Vladimir Putin and North Korean leader Kim Jong Un signed a mutual defence agreement, significantly shifting Russia's post-Soviet stance on North Korea. This deal, which includes military and technical cooperation, strengthens ties between the two countries amidst Western support for Ukraine.

• Red Lobster Sale: An Ontario court has approved a sales process and stalking horse bid for Red Lobster Canada, which is under court protection from creditors following its parent company's Chapter 11 bankruptcy filing in the U.S. The move aims to preserve the business and jobs of 2,000 employees across 27 Canadian restaurants.

Silver’s dwindling supply

The stock market and stuff

• SEC Drops Ethereum 2.0 Investigation, Consensys Lawsuit Continues Over MetaMask (theDeepDive)

• Nvidia Becomes Most Valuable Public Company, Topping Microsoft (NYT)

• Geico Reportedly Drops Coverage for Tesla’s Cybertruck For Some Consumers (theDeepDive)

• Luxury Sneaker Maker Golden Goose Postpones Planned IPO (Bloomberg)

• $DJT: Is Trump Launching A Token As Part Of His Next Con? (theDeepDive)

In the juniors

• East West Petroleum Proposes $0.03 Per Share One Time Dividend, Resulting In 42.9% Yield (theDeepDive)

• Taseko Sees Operations Resume At Gibraltar Mine After Union Ratifies New Agreement (theDeepDive)

• Agnico Eagle To Spend $100 Million To Study Underground Mining Potential At Detour Lake (theDeepDive)

FULL DISCLOSURE: Lithium Chile is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Lithium Chile. The author has been compensated to cover Lithium Chile on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.