Federal Authorities Investigate Musk Late Disclosure of Twitter Stakes

United States Federal Authorities have been investigating Elon Musk over the late disclosure of his Twitter stakes as he bid to take over the social media company.

Musk reported to the Securities and Exchange Commission on April 4 a stake of 5 percent he acquired on Twitter on March 14.  

The SEC requires investors to file a form revealing their stakes within 10 days if the investment crosses the 5 percent threshold.

Accounting Professor Daniel Taylor said Musk’s late disclosure must have saved him $143 million.

Twitter shareholder Marc Bain Rasella filed a complaint against Musk on April 12, accusing the Tesla CEO of manipulating Twitter’s share price when he delayed announcing his 5 percent stake in the company.

Musk currently owns a 9.2 percent stake in Twitter, becoming the largest individual shareholder of the social media company.

© Fourth Estate® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.