The U.S. Securities and Exchange Commission confirmed on Friday that it is investigating Elon Musk’s disclosure that he owned shares in Twitter ahead of …
The U.S. Securities and Exchange Commission confirmed on Friday that it is investigating Elon Musk’s disclosure that he owned shares in Twitter ahead of his $44 billion purchase of the company. The SEC is looking into why Musk allegedly made his disclosure late that he owned more than 5% of the company’s shares, which he must legally disclose within 10 days of meeting the threshold.
“The SEC also wants to know why Musk filed a ’13G’ form, which is meant for passive investors, rather than a ’13D’ form that would be for activist investors (including those with interest in making a takeover offer),” Axios reported. “It’s important to note that the SEC’s letter came on the same day as Musk’s disclosure, which is before he offered to buy Twitter outright.
