Elon Musk has been chastised by the left for his desire to broaden the scope of free expression on the social media platform. Now, the Federal agency has opened an investigation into Elon Musk amidst the deal to purchase Twitter.
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Elon Musk, the billionaire entrepreneur who purchased Twitter late last month in an effort to extend free speech on the prominent social media network, is apparently being investigated by federal authorities.
“The Securities and Exchange Commission [SEC] 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 reported Wednesday.
“The disclosure functions as an early sign to shareholders and companies that a significant investor could seek to control or influence a company,” the report explained.
Musk’s April 4 statement occurred at least 10 days following his ownership in the firm surpassed the 5% threshold. Musk has not stated openly why he filed late.
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According to University of Pennsylvania accounting expert Daniel Taylor, the delay certainly saved Musk more than $140 million because stock prices would have surged if the public knew the magnitude of Musk’s increasing ownership in the company.
“The case is easy. It’s straightforward,” Taylor said. “But whether they’re going to pick that battle with Elon is another question.”
The Journal said that the SEC’s inquiry into Musk’s late disclosure filing is improbable to derail the purchase, and that the agency could “drop its investigation without bringing civil claims, as not every probe results in formal action.”
Meanwhile, the SEC is not the sole federal agency investigating into the free speech advocate’s Twitter purchase, which has been generally praised by conservatives and criticized by liberals.
The Federal Trade Commission (FTC) is apparently looking into Musk’s $44 billion purchase of the social networking site.
“Under U.S. merger law, Musk is required to notify the FTC and the Justice Department of the transaction and wait at least 30 days before closing to allow an investigation into potential antitrust concerns,” Bloomberg reported.
“The FTC can ask for additional information, issuing what’s known as a second request, which would further delay closing,” the outlet added.
Musk has been chastised by the left for his desire to broaden the scope of free expression on the social media platform, which has a reputation for suppressing conservative content and expelling right-wing personalities.
Meanwhile, conservatives have overwhelmingly praised Musk’s expected leadership as a beneficial step for both the platform and the nation, providing conservatives a stronger voice in the “public square” and expanding the scope of critical political discourse.
Even though Trump has stated that he has zero intentions to return to Twitter, Musk made news earlier this week by confirming that if his agreement to acquire the site goes forward, he will restore former US President Donald Trump’s Twitter account.
“I think [banning Trump] was a morally bad decision, and foolish in the extreme,” Musk stated Tuesday at a Financial Times summit, claiming that perpetual bans “fundamentally undermine trust in Twitter as a town square where everyone can voice their opinion.”