US SEC Investigating Musk’s Late Disclosure of Twitter Stake

The US Securities and Exchange Commission (SEC) is investigating Elon Musk’s delayed disclosure of his sizable stake in Twitter last month. Musk Failed to Notify SEC on Time According to a report from Wall Street Journal, the US Securities and Exchange Commission is looking into Musk’s late disclosure. Apparently, Elon had failed to notify the agency within ten days after he acquired a five percent stake in Twitter on March 24. The Tesla and SpaceX CEO disclosed a 9.2% stake in Twitter to the regulatory agency on April 4, a delay of at least 10 days since surpassing the 5% threshold for revealing a shareholding. It serves as an early sign to stakeholders that a big investor could seek to control the company. He was supposed to notify the SEC by April 1 but did not do so until April 4. SEC Characterized Musk’s Twitter Takeover as Passive Apart from the delay, Musk’s April 4 filing also characterized his stake as passive, meaning he did not plan to take over Twitter or influence its management or business. The next day, however, he was offered a position on Twitter’s board. Weeks later, Musk struck a deal with Twitter to purchase the company for $44 billion and take it private.The post US SEC Investigating Musk’s Late Disclosure of Twitter Stake appeared first on Cryptoknowmics-Crypto News and Media Platform.