The SEC is questioning whether Musk needed to update a regulatory filing over a May 17 tweet that the Twitter deal 'cannot move forward' without proof that spam and fake accounts make up less than 5% of its users.
saying the billionaire did not believe the tweet "triggered any required amendment to his previously filed Schedule 13D."
"Despite Mr. Musk’s desire to obtain information to evaluate the potential spam and fake accounts, there was no material change to Mr. Musk’s plans and proposals regarding the proposed transaction at such time," Ringler added. "The Schedule 13D, as amended, continues to reflect Mr. Musk’s current plans and proposals with respect to the pending acquisition. Mr. Musk will continue to be mindful of the requirements under Rule 13d-2, and Mr. Musk will amend his Schedule 13D to reflect any material changes in the facts set forth therein."
Elon Musk’s Twitter account is displayed on the screen of an iPhone in front of the homepage of the Twitter website.over a delayed disclosure of his 9.2% Twitter stake. The law requires shareholders who acquire a more than 5% stake in a company to disclose their ownership within 10 days of reaching the threshold.
According to Musk's regulatory filings, he crossed the threshold on March 14. However, the purchases were not disclosed publicly until April 4.
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