The U.S. Securities and Exchange Commission is looking into Tesla Chief Executive Officer Elon Musk's early Twitter stake, according to a letter the agency sent to him in April
WASHINGTON, May 27 - The U.S. Securities and Exchange Commission is looking into Tesla Chief Executive Officer Elon Musk's disclosure of his stake in Twitter IncIn the letter, now made public by the SEC, the regulator asks Musk why it appears he did not file required paperwork within 10 days of the acquisition, and also questions why, when Musk did disclose his stake, he used a form meant for passive investors while he was openly questioning Twitter's policies around free speech.
Specifically, the SEC asked Musk to explain why he opted to initially file a "13G" disclosure form, which is meant for investors who plan to hold their shares passively instead of a "13D" form, which is for activist investors who intend influence management and policies of the company. He later amended the filing.
Separately, Twitter said in a filing Friday it was not accepting the resignation of Egon Durban, a Musk ally, from its board. Two days earlier, Twitter shareholders had blocked his re-election, but the company said he brought "unparalleled operational knowledge of the industry" and instead he would reduce his board roles elsewhere.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Twitter shareholders sue Elon Musk and Twitter over chaotic dealSince Musk's acquisition bid, Twitter's share price has dropped more than 12%, and Tesla's is down about 28% as part of a broad sell-off in tech stocks.
Read more »
Elon Musk faced SEC questions over his timing in disclosing Twitter stakeElon Musk has faced questions from the US Securities and Exchange Commission about how and when he disclosed his large stake in Twitter last month, prior to agreeing to buy the social media company.
Read more »
Twitter Shares Soared as Musk Increased his Personal Stake in the DealTWTR spiked more than 6% following the news that Elon Musk increased his personal financial commitment to the Twitter deal.
Read more »
Twitter shareholders accuse Musk of manipulating stock amid $44B takeover bidTwitter shareholders allege Musk is playing fast and loose with his $44B takeover plan. A group of shareholders has sued Musk in a California federal court.
Read more »
Twitter shareholders sue Musk, say he ‘deflated’ stock priceTwitter shareholders have filed a lawsuit accusing Elon Musk of engaged in “unlawful conduct” aimed at sowing doubt about his bid to buy the social media company.
Read more »
Elon Musk revises Twitter financing plan to include more equityElon Musk has revised the financing plan for his proposed $44 billion purchase of Twitter, raising investor hopes that the unpredictable billionaire still intends to pull off a deal.
Read more »