Elon Musk is ?? ??? ??reportedly being investigated by the Securities and Exchange Commission over failure to disclose his significant purchase of Twitter stocks within the mandated time frame. According to The Wall Street Journal, this delay may have saved him over $143 million.
The Wall Street Journalreports that Tesla's CEO and Twitter's imminent owner is in trouble with the SEC yet again, with the federal government scrutinising Musk's investment in Twitter earlier this year. Under the Securities Exchange Actof 1934, investors who acquire over 5 percent of a publicly traded company are required to file a report notifying the SEC within 10 days of the acquisition. Musk bought enough Twitter shares to pass this 5 percent threshold on March 14, putting the deadline for disclosure at March 24.
However, rather than notifying the SEC of his shiny new Twitter stocks, Musk waited until the deadline passed before buying even more shares, putting his stake at 9.2 percent. The billionaire only filed his report with the SEC on April 4, 11 days after he was required to do so for the first purchase.
Twitter's stock price predictably shot up after Musk's disclosure, closing 27 percent higher on the first day as the market took notice of his interest in the microblogging platform. Musk's delay in disclosing thus gave him a window to purchase additional shares at a lower price than it would have otherwise sold for — an opportunity he took full advantage of.
Musk's tardiness and subsequent gain also came at a cost to other traders. In April, the billionaire became the subject of a proposed class action brought by former Twitter shareholders, who had sold their shares between the date Musk was obligated to report his stake and the date on which he actually did.
It isn't clear what consequences Musk might face if the SEC does decide to take action against him. But whatever it is, chances are he and his $224 billion net worth will just shrug it off. After all, Musk hasn't shown much respect for the SEC nor contrition for his actions in the past.
Topics X/Twitter Elon Musk
Web3 Corporate Innovation Strikes Geneva, STORM Partners Announces Lightningbox?
The NRA told doctors to stay in their lane. Doctors aren't having it.
The 'Don't say it' meme is so relatable for anyone whose mouth has a mind of its own
Kim Davis, Kentucky clerk who refused same
Matsui Introduces Older Americans Bill of Rights
Watch Bei Bei the panda roll around in this season's first snowfall
PayPal bans prominent UK far
The 'u want this?' bunny is here for all your meme requests
BingX to Attend TOKEN2049 Singapore
Kid delivers perfect scowl on picture day
‘Celebrating Connections’ at Little Tokyo/Arts District Station Plaza
Alexandria Ocasio
Trump’s comment about raking to prevent wildfires gets lambasted by Finns
Being pregnant on the internet sucks
Nanka Yamaguchi Kenjinkai Names 2 Scholarship Winners
Michelle Wolf scorches Trump over Saudi Arabia's murder of a journalist
Very good dog joins Sen. Sherrod Brown on stage for his victory speech
How will Ted Cruz celebrate his victory over Beto? Twitter has some hilariously deranged answers.
‘Celebrating Connections’ at Little Tokyo/Arts District Station Plaza
Enjoy this adorable gang of otters crashing a marriage proposal photo
Tumblr allows nudity again, so bring on the femaleCats, worms, and Denver Nuggets: The 11 best tweets of the weekCats, worms, and Denver Nuggets: The 11 best tweets of the weekPeople are using the same meme template to troll Elon Musk's TwitterBest deals of the day Oct. 25: A Lenovo laptop for under $100, the Bissell Crosswave, and moreTikTok banned a Match.com advert for portraying negative gender stereotypesWhat is an Amazon storefront and why does everyone on TikTok have one?Best deals of the day Oct. 7: Ninja Foodi grill, iPad mini, and Amazon Echo bundlePhillies fans really want Ted Cruz to go to the World SeriesComedy wildlife photo finalists are every bit as silly as you'd hope UPDATED: Kore INTO THE NEXT STAGE: Hapa Documentaries — Twin Takes on Similar Subject Sakura Saturday US send mousesports home OKX Ventures Reports on Strategic Crypto and Web3 Investments Web3 Gaming Studio CropBytes Is Hiding An Island Model Citizen YieldNest and Origin Announce Merger of primeETH to ynLSD Binance Blockchain Week Dubai 2024 ‘Manzanar Fishing Club’ Screening at UCSB
0.1525s , 9801.2890625 kb
Copyright © 2025 Powered by 【?? ??? ??】Twitter shareholder Elon Musk is reportedly being investigated by the SEC. Again.,Global Perspective Monitoring
