Recently, billionaire Elon Musk struck a deal to buy Twitter for roughly $44 billion.
However, federal regulators suspected Musk of concealing the facts about this agreement. According to the Securities and Exchange Commission (SEC), the billionaire bought up the company’s stocks secretly to prevent a sharp rise in their value. This lag allowed him to buy more shares at a lower price.
According to people familiar with the matter, the regulator thinks that Musk acquired nearly 9% of Twitter’s stock, making his filing only on April 4. This date is considered belated for disclosure. Notably, in case investors buy 5% or more of a public company's shares, they must file a form revealing their stake within 10 days. Analysts estimated that the entrepreneur had saved more than $143 million by keeping the information in secret.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
-
Grand Choice
Contest by
InstaForexInstaForex always strives to help you
fulfill your biggest dreams.JOIN CONTEST -
Chancy DepositDeposit your account with $3,000 and get $1000 more!
In April we raffle $1000 within the Chancy Deposit campaign!
Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.JOIN CONTEST -
Trade Wise, Win DeviceTop up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.JOIN CONTEST