The competent authorities in the USA investigate the delay in the announcement by Elon Musk regarding the acquisition of a significant percentage of shares of Twitter Inc last month, according to an article in The Wall Street Journal yesterdaywhich cites sources who have received relevant information.
Musk reveals 9.2% stake in Twitter to US Securities and Exchange Commission (SEC) on April 4with a delay of at least ten days, while the percentage of redemption of a share package had been exceeded 5%, which is the limit for the mandatory disclosure of the stock market, according to the publication.
An investor who owns more than 5% of a company’s shares must complete a form and submit it to the SEC within ten days. This move has the character of an early warning to other shareholders that a large investor may seek to take control of the company.
The SEC declined to comment on the report, and the CEO of Tesla Inc. did not immediately respond to a request for comment.
In addition to the delay, the filing of relevant documents made by Musk on April 4 characterizes his share as liabilities. In his move, he told the committee that he had no plans to acquire Twitter or influence its management or operation as a business.
However, he was offered a seat on the board of Twitter Inc. the next day, and about two weeks later the richest man in the world struck a $ 44 billion (€ 41.84 billion) deal to buy the aforementioned social networking site.
Musk has a long history of squabbling with the U.S. Securities and Exchange Commission. An American judge recently reprimanded him for trying to evade a settlement with the same committee, with the SEC demanding that it oversee Musk’s posts about Tesla on Twitter.
In April, The Information Technology subscription reported that the Federal Trade Commission was investigating whether the Musk violated a law requiring companies and investors to report specific acquisitions of large equity portfolios to U.S. market monopolies..
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