Thu May 12, 2022 – 4:27 pm EDT
WASHINGTON, D.C. (LifeSiteNews) — Federal authorities have reportedly opened an investigation against Elon Musk after the billionaire entrepreneur moved to purchase Twitter late last month in a bid to expand free speech on the major social media platform.
“The Securities and Exchange Commission [SEC] is probing Mr. Musk’s tardy submission of a public form that investors must file when they buy more than 5% of a company’s shares,” The Wall Street Journal reported Wednesday.
“The disclosure functions as an early sign to shareholders and companies that a significant investor could seek to control or influence a company,” the report explained.
RELATED: Free speech advocate Elon Musk buys Twitter for $44 billion
Musk’s disclosure filing on April 4 came at least 10 days after his stake in the company blew past the 5% threshold. Musk has not publicly explained why he filed late.
University of Pennsylvania accounting professor Daniel Taylor told the Journal the delay likely saved the tech entrepreneur more than $140 million, since share prices likely would have soared higher if the public was aware of the extent of Musk’s growing stake in the company.
“The case
The remainder of this article is available in its entirety at LifeSite News
The views expressed in this news alert by the author do not directly represent that of The Official Street Preachers or its editors