Home News US stock market regulator looks to reveal Elon Musk’s Twitter-bought stake

US stock market regulator looks to reveal Elon Musk’s Twitter-bought stake

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In the letter, the regulator asks Musk why he did not submit the necessary documents within 10 days of the acquisition and also asks why, when Musk revealed his participation, he used a form for passive investors. , while he openly questioned Twitter’s policies on freedom of expression.

Specifically, the SEC asked Musk to explain why it initially chose to file a “13G” disclosure form, which is intended for passively investing holders, instead of the “13D” form, which is for investors. activists, who intend to influence the management and policies of the company. He later modified the file.

Musk was offered a seat on Twitter’s board shortly after his initial revelation, and has since tried to buy the company out of a $ 44 billion deal and then withdraw it from the stock market. Musk’s spokesmen declined to comment immediately. An SEC spokesman also declined to comment.

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Separately, Twitter said in a document submitted to regulators on Friday that it did not accept the resignation of Egon Durban, an ally of Musk, from its board of directors. Two days earlier, Twitter’s shareholders blocked his re-election, but the company said it had brought “unparalleled operational knowledge of the industry” and would cut back on other boards.

Experts have previously said that Musk’s late filing of documents and the fact that they may be inappropriate could draw the attention of the SEC, which has been in conflict with Musk in the past. But the financial consequences for the richest man in the world could be limited, as fines for such irregularities would probably amount to several hundred thousand dollars, according to experts. Other analysts were skeptical that the irregularities could jeopardize Musk’s efforts to buy Twitter.

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