Musk's shocking late purchasing filing may risk new fight with SEC
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
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.![]()
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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.
--- 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, WSJ
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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搞经济 抄底 加仓 : Buy whatever is breaking SEC law. Only Buying US treasury
is not , and they will issue a SEC award 
Milk The Cow : Not sure about that as laws are so complicated...
.
?
If u never mentioned & if I'm rich... I maybe breaking the rules when I got more than 5%
That's why I can't figure the Elon guy...
Is he just "ignorance" or "manipulating"
GiveMyMoneyBack : Musk is a big scammer.
Mnbvc22 : no he's juz angry tt no free speech!
DragonKC : The power of money can move the markets.
TMDKZ : Don't like him, disturb the market, or manipulate.
Slimcliffy : I think elon is in the right it's his money. The guy has made tesla profitable, star link soon to be awesome, why not? Twitter has been falling apart even Jack Dorsey said he regretted what he did with Twitter.
71336567 DragonKC: No shit!
Milk The Cow Slimcliffy: