Billionaire Elon Musk is under investigation by the SEC over his recent Twitter transactions
US Regulators are investigating the Twitter takeover by Elon Musk.
According to the Wall Street Journal, a probe has been launched by the SEC into Musk’s delayed disclosure of large stake in Twitter last month.
Reports suggest that Musk disclosed a 9.2 percent stake in Twitter to the U.S. Securities and Exchange Commission on April 4.
But there was a delay of at least 10 days with reporting that figure.
An investor who crosses a 5 percent stake must file a form with the SEC within 10 days of the transaction.
The SEC says a stake larger than five percent serves as an early sign to stakeholders that a big investor could seek to control the company.
