Elon 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.
On April 4, the same day that Musk initially revealed he had bought up a more than 9% stake in Twitter and become the company's largest shareholder, the SEC sent him a letter asking why he appeared to have delayed disclosing his stake in an apparent violation of securities law.
Even if the cost for reporting late is a $100,000 fine or a multi-million-dollar fine, why wouldn't he [delay filing]?"The SEC also asked why Musk initially filed a disclosure meant for passive investors that do not plan to exercise their influence to make change at a company. Musk had previously made several comments on Twitter suggesting he felt changes needed to be made to the platform.
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