The US Securities and Exchange Commission (SEC) has launched an investigation for entrepreneur Elon Musk’s late disclosure of information about the purchase of Twitter shares. About Writer The Wall Street Journal (WSJ) cites sources.
Publishing sources noted that Musk began to suspect that he had decided to remain silent about buying some of the company’s shares. That’s why he didn’t want his values to increase.
Experts agreed that Musk could save more than $143 million by buying Twitter if the information was hidden.
The WSJ added that Musk bought a 9.2% stake in Twitter. While the SEC only announced the deal on April 4, the deal itself took place on March 14. However, according to the rules, a buyer who buys five percent or more of a publicly traded company must notify the commission 10 days in advance.
May 10 expert from investment firm Hindenburg Research declarationTesla’s chairman, Elon Musk, said that if he refuses to buy the social network Twitter, the company will reduce its prices by 50%, and also save on the purchase by lowering the value of the shares.