According to a new report from the Wall Street Journal the “SEC is investigating Tesla CEO for tardy notification after buying 5% of Twitter’s stock; FTC has separate probe under way of purchase reporting.”
The SEC is investigating Elon Musk for late notification after buying 5% of Twitter’s stock. The FTC has separate probe under way, per @WSJ.
— Amy Siskind 🏳️🌈 (@Amy_Siskind) May 11, 2022
Per the report:
WASHINGTON—Federal regulators are investigating Elon Musk’s late disclosure last month of his sizable stake in Twitter Inc., according to people familiar with the matter, a lag that allowed him to buy more stock without alerting other shareholders to his ownership.
The Securities and Exchange Commission is probing Mr. Musk’s tardy submission of a public form that investors must file when they buy more than 5% of a company’s shares, the people said. The disclosure functions as an early sign to shareholders and companies that a significant investor could seek to control or influence a company.
The SEC is investigating Elon Musk’s late disclosure of his Twitter stake that let him buy more stock without alerting other shareholders, people familiar with the matter say https://t.co/dpR6jDO6tm
— The Wall Street Journal (@WSJ) May 11, 2022