News

Elon Musk investigated over Twitter acquisition by two separate angencies

The United States Securities and Exchange Commission (SEC) and Federal Trade Commission (FTC) are investigating Elon Musk over his stake in Twitter. Elon Musk revealed his 9.6% stake in Twitter 10 days after he should have.
Two separate agencies are investigating Elon Musk

The SEC is monitoring the billionaire’s failure to provide documentation required when an investor purchases more than 5% of a company’s stock. The FTC is also investigating whether Musk broke the law by failing to report major transactions to antitrust enforcement agencies.

The law compels an investor to wait 30 days before purchasing more shares of the company, during which time the regulator will assess whether the transaction will harm competition.

The SEC is investigating Elon Musk for the late disclosure of his stake in Twitter which allowed him to accumulate a large number of shares at a lower price than he might otherwise have paid, the Wall Street Journal reported on Wednesday.

Musk’s intention to buy Twitter – ostensibly to preserve free expression – sent shockwaves around the world. Some have hailed the move, saying it will bring much-needed change to Twitter, while others have expressed alarm. Musk has stated that one of the things he will do is to eliminate bots off Twitter.

Musk’s acquisition of Twitter caused a lot of controversy

Musk routinely uses Twitter to express his views on cryptocurrencies, which frequently results in huge price movements for the commodities. One of the biggest winners has been Dogecoin. As a result, some cryptocurrency fans are enthusiastic about the potential of a Musk-led Twitter.

Elon Musk is known as “The dogefather”

This is not the first time the SEC has investigated Elon Musk’s behavior. In 2018, he was obliged to comply with a settlement concerning tweets. And Musk has previously shown his distaste for the SEC.

The acquisition has been suspended according to the latest announcement from the Tesla CEO, and regulators’ actions may yet put a stop to it. In the meantime, the SEC will continue to look at what it can, which will provide some more drama in what is proving to be an already eventful year.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Bitcoin Spot ETF Inflows Hit Record $1.376 Billion on Nov 7

Bitcoin Spot ETF Inflows reach $1.376 billion on November 7, with BlackRock ETF IBIT seeing…

42 mins ago

Detroit Crypto Payments To Be Accepted For City Taxes

Detroit will become the largest U.S. city to accept crypto payments for taxes and fees…

58 mins ago

Trump Team Considers Robinhood Chief Legal Officer For SEC

Trump's transition team is considering Robinhood Chief Legal Officer Dan Gallagher for SEC chair, with…

1 hour ago

Schneider Electric Hit By Hellcat Ransomware In Data Breach

Schneider Electric faced a Hellcat Ransomware attack demanding $125,000 in Monero, threatening to release 40GB…

1 hour ago

Ethereum Foundation Report 2024 Asset Reserves And Strategy

Ethereum Foundation Report 2024 reveals asset reserves of $970.2M, with $788.7M in crypto (99.45% ETH).…

2 hours ago

6 of the Best Cryptocurrency to Buy Now

Cryptocurrency is having another big moment. With financial systems evolving and digital coins gaining real-world…

2 hours ago

This website uses cookies.