Summary
[Musk will be fined about $100,000 for violations of Twitter’s shares: 0.00003% of his property]According to the SEC’s requirements, anyone who acquires more than 5% of a company’s common stock must disclose its shareholding within 10 calendar days. . Musk only signed his filing on April 4, 21 days after the March 14 filing date.
Beijing time on April 5th news, the United StatessecuritiesThe Securities and Exchange Commission (SEC) has repeatedly filed a complaint over tweets and other issuesTeslaCEO Elon Musk was in trouble, and now it has another reason.
Elon Musk, the world‘s richest man, disclosed on Monday that he had acquired a 9.2 percent stake in Twitter, sending Twitter’s shares soaring 27 percent by Monday’s close. Regulatory filings show that Musk had been accumulating Twitter common stock, which is a passive investment, until March 14. Passive investing refers to investing in but not participating in the operation of a company.
Musk discloses his 9.2% stake in Twitter
However, under SEC requirements, anyone acquiring more than 5% of a company’s common stock must disclose their holdings within 10 calendar days. Musk only signed his filing on April 4, 21 days after the March 14 filing date.
Historically, the SEC’s penalties for disclosure have been mild: typically around $100,000. According to Forbes, Musk’s net worth is about $300 billion. The $100,000 fine is equal to 0.00003% of his property.
(Article source: Phoenix Network Technology)