Musk’s delay in disclosing Twitter stake triggers SEC probe -WSJ
2022.05.12 01:11
FILE PHOTO: Elon Musk’s Twitter profile is seen on a smartphone placed on printed Twitter logos in this picture illustration taken April 28, 2022. REUTERS/Dado Ruvic/Illustration
(Reuters) – The U.S Securities and Exchange Commission (SEC) is investigating Elon Musk’s delayed disclosure of his sizable stake in Twitter Inc (NYSE:TWTR) last month, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
The SEC and the Tesla (NASDAQ:TSLA) Inc top boss did not immediately respond to Reuters’ requests for comment.
On April 4, Musk disclosed a 9.2% stake in Twitter, making him the micro-blogging site’s largest shareholder. A week later, he clinched a $44 billion deal to buy the company.
Separately, the Information earlier reported that the Federal Trade Commission is investigating whether Musk violated a law that requires companies and people to report certain large transactions to antitrust-enforcement agencies.
