Elon Musk in search of an American stock police officer

Elon Musk in search of an American stock police officer

Investors have already accused Elon Musk, whom the US stock police suspect of revealing his investment on Twitter, which he is buying, later than required by law.

The U.S. Financial Markets Regulatory Authority (SEC) released a letter to multibillionaires on Friday, May 27, on the day it announced that 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 “passive” investors.

Also read: Twitter defends its strategy, Musk reiterates that the takeover of the social network will not be possible without a guarantee on fake accounts

“Your response should mention, among other things, your recent public statements”The SEC highlights and quotes a April 4 tweet from Elon Musk asking its tens of millions of followers if they think Twitter “consistently applies the principles of freedom of expression”.

Shareholder complaint

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.

Also read: Article reserved for our subscribers “Only the naive would believe that defending freedom of speech is the only motivation for Elon Musk to buy Twitter”

“Musk made a statement, sent tweets and took further steps to sow doubts and substantially reduce Twitter shares to create room for respite, which he hoped to use to withdraw from the agreement or renegotiate.”states the shareholders in its complaint.

Lawyers Elon Muska, Tesla and the SEC did not respond to Agence France-Presse’s request on Friday.

The businessman with more hats (Tesla, SpaceX, Neuralink, etc.) has already come into conflict 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.

Also listen What will be the future of Twitter, which bought Elon Musk?

World with AFP

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