Musk has saved USD 156 million, or more than EUR 145 million, according to investors. “By delaying disclosure of his stake in Twitter, Musk was committing market manipulation and buying shares of Twitter at an artificially low price.” Musk has already closed a takeover of Twitter worth 44 billion dollars (42 billion euros).
Earlier this month, The Wall Street Journal reported that the US stock market regulator is investigating the matter. Musk disclosed a 9 percent stake in Twitter on April 4. That’s a week later than the rules allow.
If an investor has an interest of more than 5 percent, this must be reported to the Securities and Exchange Commission (SEC) within ten days. Musk was too late with that, the newspaper said.
The billionaire has had several clashes with the SEC, including over his tweets about financing for the delisting of Tesla. He is therefore required by the SEC to have Twitter messages that could influence Tesla’s stock price checked in advance by lawyers. Musk believes the watchdog is limiting his freedom of expression.