Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Government Media Office in Gaza: So far, 7 bodies have been recovered, while two remain under the rubble, in a scene that epitomizes genocide.
Government Media Office in Gaza: 9 children from one family were killed in an Israeli massacre against the "Al-Najjar" family in Khan Yunis.
Gaza Government Media Office: Over 300 miscarriages have occurred among pregnant women due to the lack of essential nutrients.
Gaza Government Media Office: 26 kidney patients have lost their lives due to the absence of nutritional and medical care.
Gaza Government Media Office: 58 Palestinians have died due to malnutrition, and 242 due to lack of food and medicine.
Ranjbaran to Al Mayadeen: There is a difficult path full of challenges ahead for the indirect talks
Ranjbaran to Al Mayadeen: Defending the Resistance, the Palestinian cause, the Lebanese Resistance, and confronting Zionist crimes throughout the entire region are at the top of the Foreign Minister’s agenda
Ranjbaran to Al Mayadeen:Currently, both Tehran and Washington consider uranium enrichment a red line, but the Americans' red line exists only on paper, whereas our red line is inviolable under any circumstances, and the Americans fully understand this
Ranjbaran to Al Mayadeen: Iranian FM Abbas Araghchi will not back down in the face of US pressure or its media tactics aimed at influencing the other party. They know well that he is a seasoned diplomat who will not lose his way
Ranjbaran to Al Mayadeen: "Israel" has proven that it makes decisions on behalf of the Trump administration and is using all its capabilities to sabotage these talks

Musk saved millions by late Twitter investment declaration: Probe

  • By Al Mayadeen English
  • Source: Agencies
  • 12 May 2022 14:57
4 Min Read

The Securities and Exchange Commission is looking into Tesla Musk's delayed notification after buying 5% of the Twitter stock.

  • x
  • Elon Musk delay in disclosure of Twitter stake.
    Elon Musk is having his declaration in investment looked into by federal regulators.

Federal regulators are looking into Elon Musk's late declaration of his large investment in Twitter Inc., TWTR -2.48 percent, which allowed him to buy more stock without notifying other shareholders, according to people familiar with the situation.

The Securities and Exchange Commission is looking into Musk's late submission of a public form that investors must fill out when purchasing more than 5% of a company's stock. The disclosure serves as an early warning to shareholders and companies that a major investor may be attempting to gain control or influence over a firm.

Tesla Inc. CEO Elon Musk filed his paperwork on April 4, at least 10 days after his stake reached the threshold for disclosure. Musk has not publicly stated why he failed to file on time.

The SEC probe has never been made public, and an SEC spokeswoman declined to comment. Musk's lawyer did not respond to a message seeking comment on Wednesday.

Read next: Musk: Twitter ban on Donald Trump "mistake"

 

Daniel Taylor, a University of Pennsylvania accounting professor, said that Musk likely saved more than $143 million by not revealing that his trades had crossed the 5% barrier because the stock price would have been higher if the market had known about the billionaire's rising interest.

Related News

Musk promised robotaxis with returned leases, Tesla sold them instead

Tesla sales in France continue to drop, 59% down in April

Investors who cross that boundary must file a form with the SEC within 10 days indicating their stake. According to SEC filings, Musk's ownership surpassed 5% on March 14, indicating that he should have reported his stake by March 24.

According to a regulatory filing, Musk bought $513 million worth of stock between $38.20 and $40.31 per share after March 24. With 9.2 percent of Twitter's shares, he became the company's largest individual shareholder.

Taylor calculated that Musk saved more than $143 million on those trades based on Twitter's closing price of $49.97 on April 4, the day Musk declared his investment.

“The case is easy. It’s straightforward. But whether they’re going to pick that battle with Elon is another question,” said Taylor, referring to the prospect of a regulatory lawsuit against the outspoken entrepreneur.

Read next: UK parliament summons Elon Musk

 

Because not every investigation stems from informal activity, the SEC could end its investigation without filing civil charges.

According to Jill E. Fisch, a securities and corporate law professor at the University of Pennsylvania Law School, an SEC lawsuit against Musk would be unlikely to derail the Twitter deal because the company's board of directors has endorsed it and the SEC generally lacks the power to stop mergers or take-private transactions.

Regulators might seek a court order prohibiting Musk from voting shares he obtained without appropriate disclosure, but Fisch said the SEC hasn't done so in the past.

Musk stated on his initial disclosure form that he was a passive shareholder, meaning he had no plans to take over Twitter or affect its management or business. The next day, he submitted another form demonstrating his increased participation with the company, including an offer to join its board of directors on April 4th.

He made a bid to buy Twitter for $44 billion a week later. Twitter stockholders must accept the purchase, which is expected to finalize later this year. According to the sources, SEC investigators are looking into whether Musk's initial report should have mentioned more about his ambitions for the investment.

  • Elon Musk
  • Twitter
  • Tesla

Most Read

YAF say struck 'Israel's' Ben-Gurion Airport with missiles, drones

YAF say struck 'Israel's' Ben Gurion Airport with missiles, drones

  • MENA
  • 18 May 2025
Rachel Accurso criticized for speaking out on Gaza children crisis

Ms. Rachel accused of antisemitism for speaking out for Gaza children

  • Politics
  • 20 May 2025
Martyrs, injuries in violent Israeli bombardment of southern Gaza

Israeli operation fails; IOF launch violent strikes on Gaza

  • Politics
  • 19 May 2025
The spokesperson for the Yemeni Armed Forces, Brigadier General Yahya Saree, giving a statement on Friday, April 11, 2025 (Yemeni Military Media)

Yemeni Armed Forces declare Haifa Port under naval siege

  • Politics
  • 20 May 2025

Coverage

All
War on Gaza

Read Next

All
President Donald Trump, left, departs with U.S. Military Academy Superintendent Lt. Gen. Steven W. Gilland after speaking to United States Military Academy graduating cadets during commencement ceremonies in West Point, N.Y., Saturday, May 24, 2025. (AP)
Politics

Trump: US Army not for imposing democracy or culture abroad

Israeli Prime Minister Benjamin Netanyahu at the Yad LaBanim Memorial in occupied al-Quds, occupied Palestine, on April 29, 2025 (AP)
Politics

Netanyahu Shin Bet pick opposed prisoner swap deal, stirring outrage

Palestinians struggle to receive cooked food distributed at a community kitchen in the Muwasi area of Khan Younis, in the Gaza Strip, Friday, May 23, 2025. (AP)
Politics

UN refuses to cooperate with 'Israel', US firms in Gaza aid scheme

A woman displaying a portrait of martyred Hezbollah leader Hassan Nasrallah, shows her ink-stained thumb after casting her vote at a polling station during municipal elections in the town of Nabatieh, south Lebanon, Saturday, May 24, 2025 (AP)
Politics

Lebanon concludes municipal elections amid Israeli strikes on south

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS