Elon Musk Violated Federal Law When Buying Twitter Shares, Experts Claim

Elvis Dunderhoff April 8, 2022

And thus, the war begins.

New York Post:

Tesla CEO Elon Musk appears to have violated federal law by not notifying the SEC that he was buying up shares of Twitter, according to a report.

SEC regulations required Musk to notify the market when his stake in the social media company had surpassed the 5% threshold — a delay that reportedly netted him a profit of $156 million, according to The Washington Post.

Musk shocked the world when it was learned on Monday that he acquired a 9% stake in Twitter — making him the company’s largest shareholder.

Musk’s investment in Twitter had reached 5% on March 14, but the markets weren’t told of his acquisitions until Monday, when disclosure forms were made public. By failing to notify investors, Musk kept the stock price low as he continued to buy up shares.

After Musk filed his disclosure forms, Twitter’s share price skyrocketed by some 30%.

“I really don’t know what’s going through his mind,” finance professor David Kass of the University of Maryland told The Washington Post. “Was he ignorant or knowledgeable that he was violating securities law?”

Experts told the paper that Musk may have also misled the public when he filed forms indicating he would be a “passive investor” — particularly in light of Twitter’s announcement that he would be joining the board of directors.

The Post has reached out to Musk and the SEC seeking comment.

Don’t expect Musk, 50, to be arrested or serve any time in prison, according to experts.

The SEC will likely impose a six-figure fine on the world’s richest person, whose net worth has been pegged at around $280 billion — nearly $100 billion more than No. 2 on the list, Jeff Bezos.

This is just total nonsense.

He is only obligated to expose this information quarterly.

But this is just the beginning.

Soon, he will be called a racist and accused of rape.

They’re going to do that whether or not he actually brings back free speech, because there is a perceived threat he might bring back free speech. So he might as well bring back free speech.

He already has a seat on the board.

Let’s gooooooo.

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