It appears as though billionaire Elon Musk’s attempt to purchase Twitter is drawing attention from sources other than those in the big tech world.
According to a report Wednesday evening, the Biden administration has opened an investigation into his business dealings surrounding his $44 billion Twitter buyout offer, which has already been unanimously accepted by the company’s board of directors.
“The Securities and Exchange Commission is probing Mr. Musk’s tardy submission of a public form that investors must file when they buy more than 5% of a company’s shares,” The Wall Street Journal . “The disclosure functions as an early sign to shareholders and companies that a significant investor could seek to control or influence a company.”
“The Tesla Inc. chief executive made his filing on April 4, at least 10 days after his stake surpassed the trigger point for disclosure. Mr. Musk hasn’t publicly explained why he didn’t file in a timely manner,” the report noted further.
“Mr. Musk likely saved more than $143 million by not reporting that his trades had crossed the 5% threshold, said Daniel Taylor, a University of Pennsylvania accounting professor, since the share price could have been higher had the market known of the billionaire’s growing stake,” the report continued.
“Investors who cross that line are required to file a form with the SEC revealing their stake within 10 days. Mr. Musk’s holdings topped 5% on March 14, securities filings show, meaning he should have disclosed his stake by March 24 under SEC rules,” the Journal continued.
“After March 24, Mr. Musk purchased roughly $513 million worth of stock at prices between $38.20 and $40.31 a share, according to a regulatory filing. The total buying spree made him Twitter’s largest individual shareholder with 9.2% of its shares. Based on Twitter’s closing price of $49.97 on April 4, the day Mr. Musk disclosed his stake, he likely saved more than $143 million on those trades, Dr. Taylor estimated,” the paper added.
Referring to the prospect of a lawsuit against the Tesla and SpaceX founder and CEO, Taylor said: “The case is easy. It’s straightforward. But whether they’re going to pick that battle with Elon is another question.”
Those on the political left lashed out at news last month that the sale of Twitter to Musk had gone through.
Race hustler Shaun King, for instance, suggested South African-born Musk’s move to buy the platform was all about “white power.”
“At its root, [Elon Musk] wanting to purchase Twitter is not about left vs right,” he wrote. “It’s about white power.”
At its root, wanting to purchase Twitter is not about left vs right.
It’s about white power.
The man was raised in Apartheid by a white nationalist.
He’s upset that Twitter won’t allow white nationalists to target/harass people. That’s his definition of free speech.
— Shaun King
“The man was raised in Apartheid by a white nationalist,” King continued. “He’s upset that Twitter won’t allow white nationalists to target/harass people. That’s his definition of free speech.”
“Elon Musk has openly called himself a ‘free speech absolutist’ and said that he wants to create a space where anything can be said about anyone,” the activist claimed. “That’s why white nationalists are giddy today. Here on Twitter and other platforms that I track daily. It’s dangerous.”
“And listen, I don’t even like the Democratic Party,” he added. “So for me, this isn’t about left vs right. Not at all. It’s about how the richest man in the world, a son of Apartheid, raised by a white nationalist, wants to be sure his speech, and that of other white men, isn’t censored.”
And listen, I don’t even like the Democratic Party.
So for me, this isn’t about left vs right. Not at all.
It’s about how the richest man in the world, a son of Apartheid, raised by a white nationalist, wants to be sure his speech, and that of other white men, isn’t censored.
— Shaun King
Meanwhile, actress Yvette Nicole Brown compared the reported deal between Musk and Twitter to a “deal with the devil.”
“For those leaving [Twitter] after this [Elon Musk] deal with the devil goes thru, make sure you download an archive of everything you’ve contributed to this space,” she wrote. “You had a good run, Twitter!”
With news of Elon Musk possibly buying Twitter…
Do you think there’s another billionaire or tech bro out there creating a new platform in hopes of luring soon-to-be former Twitter users?
— Adrienne Lawrence, Esq.
The Young Turks host Adrienne Lawrence wrote that she was looking for a new “tech bro” out there to challenge Musk.
“With news of Elon Musk possibly buying Twitter… Do you think there’s another billionaire or tech bro out there creating a new platform in hopes of luring soon-to-be former Twitter users?” she asked.
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