Democrats are terrified of what Elon Musk may find out once he cracks open the back door of Twitter.
They have already been ringing the bell about this being a threat to the country.
So, it was no surprise to see an investigation launched into him.
One Way, or Another
When Musk started to accumulate Twitter stock, he apparently missed a filing date to show that he had purchased more than five percent, indicating a possible takeover attempt.
So, the SEC has now opened an investigation into Musk, according to the Wall Street Journal.
The report stated, “The Tesla Inc. chief executive made his filing on April 4, at least 10 days after his stake surpassed the trigger point for disclosure.
“Mr. Musk hasn’t publicly explained why he didn’t file in a timely manner. Mr. Musk likely saved more than $143 million by not reporting that his trades had crossed the 5% threshold, said Daniel Taylor, a University of Pennsylvania accounting professor, since the share price could have been higher had the market known of the billionaire’s growing stake.
“Investors who cross that line are required to file a form with the SEC revealing their stake within 10 days. Mr. Musk’s holdings topped 5% on March 14, securities filings show, meaning he should have disclosed his stake by March 24 under SEC rules.
“After March 24, Mr. Musk purchased roughly $513 million worth of stock at prices between $38.20 and $40.31 a share, according to a regulatory filing.
“The total buying spree made him Twitter’s largest individual shareholder with 9.2% of its shares. Based on Twitter’s closing price of $49.97 on April 4, the day Mr. Musk disclosed his stake, he likely saved more than $143 million on those trades, Dr. Taylor estimated.”
There has been widespread panic at Twitter over the possible takeover, as Musk has put everyone on notice that things are about to change…
I strongly believe that all managers in a technical area must be technically excellent.
Managers in software must write great software or it’s like being a cavalry captain who can’t ride a horse!
— Elon Musk (@elonmusk) May 6, 2022
Now, the entire purchase in on hold because Musk is having Twitter’s fake accounts audited.
If it turns up that more than five percent are spam/fake accounts, the entire sale could be voided.
In response, Twitter stock tanked on Friday.
Source: Wall Street Journal