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.
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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.
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