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Abstract: the securities and Exchange Commission (SEC) announced that it sent a letter last month asking musk to explain why in May, twitter said it could not promote the acquisition of twitter, but did not update the relevant information Phi documents. Earlier, the media said that the SEC was still investigating whether musk announced in April whether it had violated the regulations and failed to disclose information in time

in addition to the prosecution of twitter, Tesla CEO musk also faced repeated investigations by the securities and Exchange Commission (SEC) for his acquisition of twitter

according to the letter released by the SEC on Thursday, 14th Eastern time, the SEC sent a letter to musk on June 2 asking why he did not update the relevant information after he tweeted in May that he was facing difficulties in acquiring twitter. The SEC's above question relates to Musk's tweet on May 17, when he said that the transaction could not be promoted unless twitter was more clear about the number of false accounts on the platform < p > the updated information disclosure submitted by SEC involves 13D documents. According to the regulations, if investors hold more than 5% of the shares of listed companies, they must submit 13D documents to the SEC to update all information that has significant changes compared with the previous submission

in the above letter, SEC staff pointed out that if Musk's acquisition plan changes significantly, he should submit a revised 13D document to reflect these changes

the letter mentioned that on May 18, one day after musk tweeted, SEC staff called Musk's legal counsel to ask him to explain why the tweet on May 17 mentioned that the transaction could not be promoted but did not update the information Phi document, and whether the relevant regulations on which twitter was asked to provide information were reasonable. However, the SEC has not received a response since then, and hopes musk to submit a specific and complete written letter response

according to the letter, if musk does not respond, the SEC will follow the securities law to decide how it will seek to resolve a large number of comments, complete the evaluation of Musk's submission and information disclosure, and may also decide to make all communications related to Musk's submission public

this is Musk's news that he is facing SEC investigation due to the acquisition of twitter. In May this year, the media said that the SEC was investigating whether musk announced in April whether it had violated the regulations by holding a large number of twitter shares and did not disclose relevant information in time. At that time, the media pointed out that the delayed disclosure action could enable him to buy more shares without warning other shareholders

Daniel Taylor, an accounting expert and professor at the University of Pennsylvania, estimated that musk may have saved more than $143million due to the failure to disclose his twitter shareholding ratio through the transaction in time. Once the market learns that musk is increasing its holdings of twitter, the twitter share price may rise higher

musk only disclosed that his shareholding in twitter exceeded 9% on April 4, and his shareholding ratio had exceeded 5% on March 14. According to SEC regulations, it should be disclosed on March 24 at the latest. From March 24 to April 4, he bought 513million shares of twitter

in addition, the media said in May that the Federal Trade Commission (FTC) was still investigating whether musk violated the law and did not report specific large transactions to the anti-monopoly authority. Usually, investors are not allowed to buy more shares in advance within at least 30 days after the submission of the report, giving the government time to approve whether the transaction is harmful to competition

2023-03-22 10:04:54