The U.S. Securities and Exchange Commission (SEC) confirmed it is investigating when Elon Musk notified the market that he had bought 5% of Twitter’s stock. In its Friday announcement, the SEC released a letter dated April 4 to Musk asking why he didn’t file the necessary documents within 10 days of passing the 5% threshold. The securities regulatory announcement shows that Musk’s shareholding ratio exceeded 5% on March 14, and he only announced his shareholding ratio in the announcement on April 4, when his shareholding ratio had exceeded 9%. Jill E. Fisc, a professor of securities firm law at the University of Pennsylvania Law School, said any action by the SEC against Musk is unlikely to derail the Twitter deal because the company’s board has already expressed support for the deal, and the SEC typically lacks the power to stop a merger or going private. trade.
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