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Thursday, July 7, 2022

SEC is probing Elon Musk’s Twitter stake purchase

The Securities and Exchange Commission is looking into Tesla CEO Elon Musk’s disclosure of his stake in Twitter in early April, according to a letter the agency sent him in April.

In the letter, now made public by the SEC, the regulator asked Musk why it appears he did not file the required paperwork within 10 days of the acquisition, and to provide more details about his public statements on the platform. As for whether Twitter adheres to free speech principles.

Specifically, the SEC asked Musk to explain why he ultimately opted to file the “13G” disclosure form, which is for investors who want to passively hold their shares, rather than the “13D” form. For active investors who intend to influence management and company policies.

Spokesmen for the SEC and Musk did not immediately respond to requests for comment.

Outside experts have previously said that Musk’s late filing, and that he may have used improper paperwork, could attract the attention of the SEC, which has disputed Musk in the past.

The SEC’s letter is from the same day that Musk disclosed his 9.2% stake in Twitter. The billionaire, who has since offered to take Twitter private for $44 billion, has been claimed by investors as the company’s stock price plummeted.

Tesla’s chief executive officer has previously been in trouble with the SEC after the agency sued him in 2018 after he tweeted that he had potential to take the electric car company private at $420 per share. “Funding Secure”. In fact, a purchase was not close.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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