Breaking: Musk’s Twitter Purchase in Danger as Biden’s Feds Launch Investigation
The SEC is currently investigating why Musk waited until April 4, weeks after purchasing more than 5 percent of Twitter shares, to submit the form, the Journal reported.
In fact, according to the report, Musk’s Twitter holdings reached 5 percent on March 14. Under SEC regulations, this suggests the billionaire should have submitted a disclosure by March 24.
Despite all of this, Aron Solomon — the chief legal analyst for Esquire Digital — claims that Musk has no reason to worry.
At this point, in Solomon’s view, the acquisition is “too big to fail,” and regulatory involvement would only hurt existing shareholders.