The Securities and Exchange Commission (SEC) of the United State of America has reportedly decided to investigate the current richest man on earth, Elon Musk over the delayed disclosure of his Twitter Stake.
Recall that Mr Musk last week created quite an uproar with his Twitter purchase. The $44 billion deal caught the eye of the entire globe. Sadly, Musk managed to grab the attention of the regulators as well.
Unsplash gathered that a slight delay in disclosing his shareholders seems to have now caused trouble in Musk’s Twitter paradise.
Last week, a public form with investors surfaced all over social media. The form revealed that Elon Musk had garnered investments from an array of entities, including Binance. Musk was obligated to file the Schedule 13D form as his investors entail more than 5 percent of Twitter’s equity shares.
Mr Musk, however, submitted this form about 10 days following the date he was required to file the public form to the SEC. Since his holdings peaked over 5 percent back on March 14 itself, he should have ideally filled his stake by March 24.
WSJ reported that the delay further paved the way for Musk to pocket more stocks without informing the other shareholders.
According to an accounting professor at the University of Pennsylvania, Daniel Taylor, Mr Musk would have saved over $143 million by delaying the submission. The Tesla CEO seemed to be aware of the possible surge in the share price if the market had a clue about his stake. Further elaborating on the repercussions of Elon Musk’s delayed disclosure, Taylor said.
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