It is reported that the securities and Exchange Commission (SEC) is investigating Elon Musk because he did not disclose his large stake in twitter in time** The Wall Street Journal quoted people familiar with the matter as saying that the SEC was investigating Musk's late disclosure.
It is understood that musk acquired a 9.2% stake in twitter, making it one of the largest shareholders of the social network. Musk first disclosed his shares in the company on April 4, at least 10 days after he should have submitted a public form to the sec. It is understood that the form must be submitted by investors when they buy more than 5% of the shares of a company. The late form allowed musk to buy more shares without reminding other shareholders. This document may indicate to shareholders that musk may be interested in controlling twitter.
At the end of April, musk reached an agreement with Twitter to buy and privatize the company for $44 billion.
Daniel Taylor, an accounting professor at the University of Pennsylvania, told the Wall Street Journal that musk, who also runs Tesla and SpaceX, is likely to have saved $143 million by not reporting its shares in advance.
At present, musk cannot be immediately contacted by the media for comment.