The law requires investors to report any equity of more than 5%, which the multibillionaire did not do.
The noose revolves around Elon Musk, whom investors and now a US stock police accuse of revealing his investment on Twitter, which he is currently buying, later than expected by law. The U.S. financial market regulator, the SEC, released a letter to multibillionaires on Friday, April 4, announcing it had reached more than 9% of Twitter’s capital.
The SEC wonders why it waited until the day it surpassed 5% on March 14. The law requires investors to disclose their capital investments in excess of this limit within ten days.
The federal agency also questions Tesla’s chief about his initial selection of the 13G form, reserved for so-called investors.passive“.”Your response should mention, among other things, your recent public statementsThe SEC stressed, referring to a April 4 tweet from Elon Musk, where he asked his tens of millions of subscribers if he thought Twitter.consistently applies the principles of freedom of expression“.
Agreement with the Board of Directors
Twitter shareholders filed a complaint on Wednesday against a capricious businessman who they accuse of manipulating the market to save money in their operation and buy a social network. They also accuse him of delaying the moment he revealed that he had risen to the capital, Twitter.
They estimate that the richest man in the world saved some $ 156 million, because if he informed the market in time, he would pay more for part of the shares. Elon Musk agreed with the platform’s board of directors to purchase it. And since the beginning of April, the value of the social network on the stock exchange has fluctuated according to the tweets of the multibillionaire.
“Musk made a statement, sent tweets and took other actions aimed at sowing doubts and substantially reducing Twitter’s shares in order to create some freedom, which he hoped to use to withdraw from the agreement or renegotiate the agreement.“States the shareholders in their complaint. Lawyers Elon Muska, Tesla and the SEC did not respond immediately to AFP’s request on Friday.
The businessman with more hats (Tesla, SpaceX, Neuralink …) already had problems with the American stock exchange police officer due to his tendency to tweet information that moves the prices of his listed companies. It is followed by more than 95 million people on Twitter and plans to withdraw the social network from the stock exchange when it owns it.
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