The echoes of the process, which started with the sensational purchase of Twitter by the world’s richest person, Elon Musk, for 44 billion dollars, still continue in many respects. The process of acquiring the entire platform, of which he first bought a 9.2 percent stake, apparently caught the attention of the U.S. Securities and Exchange Commission.
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Musk made a profit of $143 million by late reporting his Twitter initiative
Elon Musk, as it is known, has been on the agenda many times with his shares on Twitter. Arguing that Twitter is not a democratic place in the past months, the businessman asked his followers whether a radical change was necessary.
After a while, it was revealed that Musk took a 9.2 percent share of Twitter. The businessman, who first had discussions about whether or not to be on the board of directors, had a great impact by buying the entire company in the ongoing process.
However, the late notice of the 9.2 percent share purchase in the first place was caught on the radar of the US Securities and Exchange Commission. So much so that, according to the rules, if an investor invests 5 percent or more in any company, he has to disclose it publicly.
Elon Musk confirmed the issue after the news that emerged exactly 10 days after buying shares from Twitter. The U.S. Securities and Exchange Commission has launched an investigation against Musk, due to the fact that this late announcement caused an unfair advantage. On the other hand, according to important sources, Musk made a profit of $ 143 million with this late notice move.
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