English
Back
Download
Log in to access Online Inquiry
Back to the Top

Musk's shocking late purchasing filing may risk new fight with SEC

avatar
Chatterbox Moo wrote a column · Apr 6, 2022 16:35
The CEO of $Tesla (TSLA.US)$ Elon Musk disclosed his 9.2% holdings in $Twitter (Delisted) (TWTR.US)$, according to the filings on Monday. While his late disclosure of stake may face legal skirmish with the SEC.
Musk reported on Monday he owns 73.5 million shares of Twitter as of March 14, which is about $2.9 billion in market value as of last Friday's close price. Since Musk currently owns 9.2% of outstanding shares of Twitter, he became the top 1 holder in the social-media company. While Twitter's CEO Parag Agrawal only owns 507,000 shares of Twitter, and the founder of Twitter Jack Dorsey owns about 18 million shares.
Top 10 holders in the company
Source: WSJ; Note: Musk amended the 13G to 13D on April 5
Source: WSJ; Note: Musk amended the 13G to 13D on April 5
Shares of Twitter rose about 30% so far this week after Elon Musk disclosed the position and Twitter announced that he will become Twitter's board of directors.
Musk's shocking late purchasing filing may risk new fight with SEC
However, Musk may break U.S. securities laws this time.
First, investors whose holdings surpass the 5% mark are required to report their stake within 10 calendar days. Musk reported his March 14 position on April 4, which is over 10 days.
Second, Musk reported the stake in 13G reports, which is filling for passive investors who are not intended to change or influence control of the company. While the company said on Tuesday that Musk would be named on the board. As required, he is supposed to fill 13D reports as an activist investor seeking more control of the company.
Musk amended the 13G report to the 13D report later on Tuesday, but he still needs to explain more details on his investment plan as a director.
He is making all these claims the SEC is harassing him and going after him for nothing, and if he goes ahead and violates a pretty straightforward rule, that is certainly not going to help his argument with the judge.”
--- said David Rosenfeld, a former senior SEC enforcement attorney now teaching law at Northern Illinois University.
Elon Musk's history transactions on Twitter, started from Jan.31
Source: SEC.gov
Source: SEC.gov
Source: SEC.gov, WSJ
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
1
2
1
8
+0
9
Translate
Report
46K Views
Comment
Sign in to post a comment
avatar
Chatterbox Moo
Moomoo Official Account
Welcome to moomoo chat room.
6764
Followers
3
Following
10K
Visitors
Follow
Heat List
US
SymbolMini ChartPrice
NVDA
NVIDIA
-- 138.850
GRAB
Grab Holdings
-- 4.900
TSLA
Tesla
-- 355.840
INTC
Intel
-- 23.600
BABA
Alibaba
-- 124.730
Discussing
Trump 2.0 Era: How will global markets evolve?
🎙️Discussion: 1. How will tariff policies affect the movement of key assets such as U.S. stocks, gold, and Bitcoin? 2. Given this context, Show More
MicroStrategy Q4 2024 earnings conference call
Monetary Policy: Navigating the Fed's Rate Cut Cycle
Changing Fed policy is altering the market math for investors.