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SEC confirms probe of Elon Musk's Twitter share purchase disclosures
Elon Musk ignored the requirements of Section 13D of the Securities Exchange Act of 1934 to report the fact that he had exceeded 5% of the stock of Twitter. This is a serious violation and I am glad that the SEC is investigating Musk
Link to tweet
https://www.washingtonpost.com/technology/2022/05/27/elon-sec-twitter/?utm_campaign=wp_main&utm_medium=social&utm_source=twitter
The Securities and Exchange Commission confirmed on Friday it had asked Tesla chief executive Elon Musk about irregularities in how and when he disclosed his investment in Twitter.
In a letter dated April 4, the day Musk’s investments in the company became public through a filing, the regulator asked him why he listed his stake as passive while making public statements about the company. It also asked him why he missed a 10-day deadline for disclosing his investment.
Musk changed his investment status to active the following day.
The letter confirms that the SEC is investigating the circumstances of Musk’s purchase of Twitter shares, which began in early 2021 and has culminated in his deal to take over the entire company for $44 billion. The investigation could lead to a fine, but is unlikely to affect the deal itself. The Wall Street Journal reported earlier in May that the SEC was investigating Musk’s purchases.
In a letter dated April 4, the day Musk’s investments in the company became public through a filing, the regulator asked him why he listed his stake as passive while making public statements about the company. It also asked him why he missed a 10-day deadline for disclosing his investment.
Musk changed his investment status to active the following day.
The letter confirms that the SEC is investigating the circumstances of Musk’s purchase of Twitter shares, which began in early 2021 and has culminated in his deal to take over the entire company for $44 billion. The investigation could lead to a fine, but is unlikely to affect the deal itself. The Wall Street Journal reported earlier in May that the SEC was investigating Musk’s purchases.
Musk already has one cease and desist order issued against him for making jokes about taking Tesla private. Musk needs to learn that he is not above the law
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