Feds investigating Musk’s late disclosure of Twitter stake: report

Source: The Hill | May 11, 2022 | Brad Dress

The U.S. Securities and Exchange Commission (SEC) is reportedly investigating Elon Musk’s delayed reporting after he acquired a sizable stake in Twitter.

The Wall Street Journal reported the SEC is probing Musk for failing to notify the agency within ten days after he acquired a five percent stake in Twitter on March 24.

The reporting trigger at 5 percent is meant to alert shareholders that a significant investor may influence the company.

The Tesla and SpaceX CEO was supposed to notify the SEC by April 1 but did not do so until April 4.

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