US regulators say have asked Elon Musk to explain an apparent delay in reporting his Twitter stock buys, the latest questions on the methods, and intent of his troubled bid for the platform.
US market authorities have asked Elon Musk to explain an apparent delay in reporting his Twitter stock buys, the agency revealed Friday, the latest questions on the methods and intent of his troubled bid for the platform. Musk became a major Twitter stockholder following the purchase of 73.5 million shares in early April, and less than two weeks later launched a hostile takeover bid. He went on to ink a $44 billion (roughly Rs. 3,41,800 crore) deal to buy the San Francisco-based company, but has since given mixed signals regarding how committed he is to following through. The Securities and Exchange Commission (SEC) letter to Musk showed regulators asked him to explain why he didn’t disclose within a required 10-day time period his increased stake in Twitter, especially if he planned to buy the company.
