The SEC Launched An Investigation Into Musk For Failing To Disclose The Purchased Twitter Shares In Time

take 3 minutes to read
Home News Main article

It is reported that the securities and Exchange Commission (SEC) is investigating Elon Musk because he did not disclose his large stake in twitter in time** The Wall Street Journal quoted people familiar with the matter as saying that the SEC was investigating Musk's late disclosure.

It is understood that musk acquired a 9.2% stake in twitter, making it one of the largest shareholders of the social network. Musk first disclosed his shares in the company on April 4, at least 10 days after he should have submitted a public form to the sec. It is understood that the form must be submitted by investors when they buy more than 5% of the shares of a company. The late form allowed musk to buy more shares without reminding other shareholders. This document may indicate to shareholders that musk may be interested in controlling twitter.

At the end of April, musk reached an agreement with Twitter to buy and privatize the company for $44 billion.

Daniel Taylor, an accounting professor at the University of Pennsylvania, told the Wall Street Journal that musk, who also runs Tesla and SpaceX, is likely to have saved $143 million by not reporting its shares in advance.

At present, musk cannot be immediately contacted by the media for comment.

The Updated List On The Official Website Of The Securities And Exchange Commission: Another 11 Zhonggai Shares Were Included In The "pre Delisting List"
« Prev 05-12
Change Some Cerebrospinal Fluid To Have A Better Memory?
Next » 05-12