Elon Musk delayed filing a form and made $156 million

[mahatmakanejeeves]

Elon Musk was eleven days late in publicly declaring he had amassed a large stake in Twitter.

That omission may have earned him $156 million, according to a half dozen legal and securities experts.

Link to tweet

Elon Musk delayed filing a form and made $156 million
Elon Musk was required by the SEC to reveal that he'd acquired more than a five percent interest in Twitter. He missed the deadline by an extra 11 days and it

Technology

Elon Musk delayed filing a form and made $156 million

By delaying his disclosure of his stake in Twitter, Musk bought it at an artificially low price

By Reed Albergotti
Yesterday at 6:31 p.m. EDT

Elon Musk was 11 days late in publicly declaring he had amassed a large stake in Twitter. That omission may have earned him $156 million, according to a half-dozen legal and securities experts.

That’s because of a 50-year-old law that requires that investors notify the Securities and Exchange Commission when they surpass a 5 percent stake in a company. Musk reached that benchmark March 14, according to the filings. But he made his public disclosure only Monday.

In between, he continued to buy stock at the price of around $39 per share, bringing his total stake to 9.2 percent. After his disclosure, Twitter’s share price rose roughly 30 percent and is now above $50 per share.

The late filing netted Musk $156 million, said David Kass, a finance professor at University of Maryland’s business school. “I really don’t know what’s going through his mind. Was he ignorant or knowledgeable that he was violating securities law?” he said. Whoever was handling the trades for Musk should have known, Kass said.

{snip}

Gift Article
https://wapo.st/37jNS9r

By Reed Albergotti
Reed Albergotti is The Washington Post's consumer electronics reporter, taking readers inside powerful and secretive companies such as Apple and shedding light on the murky and global industry responsible for building the myriad devices that touch every aspect of our lives. He spent 12 years at the Wall Street Journal and four at the Information. Twitter https://twitter.com/reedalbergotti

[FarPoint]

1. I now sense.....

This man is going to go evil.....

[Blues Heron]

2. What was that Bartcop quote - if someone makes a "mistake" that benefits themself

expect them to continue making said “mistake“? Something like that.

[LetMyPeopleVote]

3. Elon Musk delayed filing a form and made $156 million

Musk violated securities laws by not making as schedule 13d filing timely.

Link to tweet

https://www.washingtonpost.com/technology/2022/04/06/musk-twitter-sec/?utm_source=twitter&utm_medium=social&utm_campaign=wp_business

Elon Musk was 11 days late in publicly declaring he had amassed a large stake in Twitter. That omission may have earned him $156 million, according to a half-dozen legal and securities experts.

That’s because of a 50-year-old law that requires that investors notify the Securities and Exchange Commission when they surpass a 5 percent stake in a company. Musk reached that benchmark March 14, according to the filings. But he made his public disclosure only Monday.

In between, he continued to buy stock at the price of around $39 per share, bringing his total stake to 9.2 percent. After his disclosure, Twitter’s share price rose roughly 30 percent and is now above $50 per share......

In addition to missing the deadline to disclose his position, Musk may have also filed a misleading report to the SEC, claiming he is a “passive investor” with no aims to change or influence ownership of the company.

Musk polled his Twitter followers March 25 about whether they thought Twitter was protecting free speech. “The results of this poll will be important. Please vote carefully.” By that time, he had already purchased 63.5 million shares of the company’s stock

According to the law professor cited in the Washington Post article, Mush may not face serious penalties. The SEC has the right to seek both civil and criminal penalties against Musk. See https://media2.mofo.com/documents/faqs-schedule-13d-g.pdf

Musk appears to intentionally violated the law here and should be sanctioned.

[peppertree]

4. The man practically prints his own money

A little this way, maybe?