{"id":1495210,"date":"2022-05-27T18:29:51","date_gmt":"2022-05-27T22:29:51","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1495210"},"modified":"2022-05-27T18:29:53","modified_gmt":"2022-05-27T22:29:53","slug":"feds-confirm-investigation-into-elon-musk","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/feds-confirm-investigation-into-elon-musk\/","title":{"rendered":"Feds Confirm Investigation Into Elon Musk"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">12<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffeds-confirm-investigation-into-elon-musk%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1495210&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The U.S. Securities and Exchange Commission confirmed on Friday that it is investigating Elon Musk\u2019s disclosure that he owned shares in Twitter ahead of his $44 billion purchase of the company.<\/p>\n<p>The SEC is looking into why Musk allegedly made his disclosure late that he owned more than 5% of the company\u2019s shares, which he must legally disclose within 10 days of meeting the threshold.<\/p>\n<p>\u201cThe SEC also wants to know why Musk filed a \u201913G\u2019 form, which is meant for passive investors, rather than a \u201913D\u2019 form that would be for activist investors (including those with interest in making a takeover offer),\u201d Axios <a href=\"https:\/\/www.axios.com\/2022\/05\/27\/sec-investigating-elon-musks-twitter-disclosures\">reported<\/a>. \u201cIt\u2019s important to note\u00a0that the SEC\u2019s letter came on the same day as Musk\u2019s disclosure, which is before he offered to buy Twitter outright.\u201d<\/p>\n<p>The SEC <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1418091\/000000000022003713\/filename1.pdf\">said<\/a> in its letter that it wants a response from Musk even if he does not believe that their \u201ccomments apply to your facts and circumstances.\u201d<\/p>\n<p>\u201cThe case is easy. It\u2019s straightforward,\u201d Daniel Taylor, a University of Pennsylvania accounting professor, said. \u201cBut whether they\u2019re going to pick that battle with Elon is another question.\u201d<\/p>\n<p>A report earlier this month from The Wall Street Journal noted that a lawsuit against Musk from the SEC would likely not stop him from taking over Twitter since the company\u2019s board of directors unanimously approved to be acquired by Musk and the SEC may lack the power to do so. Musk\u2019s purchase of Twitter is also <a href=\"https:\/\/www.dailywire.com\/news\/elon-musks-twitter-buyout-to-face-ftc-antitrust-review-report\">reportedly<\/a>\u00a0being reviewed by the Federal Trade Commission (FTC).<\/p>\n<p>Musk <a href=\"https:\/\/www.dailywire.com\/news\/musk-puts-twitter-takeover-on-hold-amid-fake-account-questions\">said<\/a> a couple of days after The Wall Street Journal\u2019s report that he was putting the sale on hold while he investigated the number of spam accounts on the platform.<\/p>\n<p>\u201cTwitter deal temporarily on hold pending details supporting calculation that spam\/fake accounts do indeed represent less than 5% of users,\u201d Musk tweeted, later adding, \u201cStill committed to acquisition.\u201d<\/p>\n<p>Twitter has already started to making changes to its leadership following Musk\u2019s purchase of the company.<\/p>\n<p>\u201cKayvon Beykpour, Twitter\u2019s general manager, is leaving and will be replaced by Jay Sullivan,\u201d The New York Times\u00a0<a href=\"https:\/\/www.nytimes.com\/2022\/05\/12\/technology\/twitter-elon-musk.html\">reported<\/a>. \u201cMr. Sullivan is currently the interim general manager of the consumer product. Bruce Falck, Twitter\u2019s general manager for revenue, is also departing the company.\u201d<\/p>\n<p>An internal company memo from CEO Parag Agrawal obtained by The New York Times said it was \u201ccritical to have the right leaders at the right time.\u201d<\/p>\n<p><strong><em>Related:<\/em> <a href=\"https:\/\/www.dailywire.com\/news\/jack-dorsey-exits-twitters-board-of-directors\">Jack Dorsey Exits Twitter\u2019s Board Of Directors<\/p>\n<p><\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Securities and Exchange Commission confirmed on Friday that it is investigating Elon Musk\u2019s disclosure that he owned shares in Twitter ahead of his $44 billion purchase of the company. The SEC is looking into why Musk allegedly made his disclosure late that he owned more than 5% of the company\u2019s shares, which he &#8230;<\/p>\n","protected":false},"author":102,"featured_media":1444532,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1495210","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1495210","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/102"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1495210"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1495210\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1444532"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1495210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1495210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1495210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}