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Did Elon Musk Just Boost His Wealth By $150M In Exchange For A Small SEC Fine?
source link: https://digg.com/technology/link/elon-musk-twitter-sec-u78UBxbnGH
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Did Elon Musk Just Boost His Wealth By $150M In Exchange For A Small SEC Fine?
Experts say that in failing to disclose his stake in Twitter on time, Musk was able to buy it at an artificially low price.
The Lede
Elon Musk was 11 days late declaring his large stake in Twitter to the Securities and Exchange Commission (SEC), a move that experts say allowed the Tesla CEO to amass $156M. The securities law requires investors to notify the SEC when they purchase more than a five percent stake in a company — a number Musk surpassed on March 14.
Key Details
- Before disclosing his purchase of a large stake in Twitter, Musk continued to buy stock that experts say was obtained at an artificially low price.
- Between March 14 and the public disclosure of Musk's stake on Monday, the billionaire continued to buy stock at the price of around $39 per share, furthering his total stake in Twitter to 9.2 percent.
- Experts told The Washington Post that it's likely Musk will face a fine of only hundreds of thousands of dollars from the SEC.
The Source
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