US regulators are investigating Elon Musk’s delayed disclosure of his sizable stake in Twitter final month, the Wall Street Journal reported on Wednesday, citing folks accustomed to the matter.

Musk disclosed a 9.2 % stake in Twitter to the US Securities and Exchange Commission (SEC) on April 4, a delay of at the very least 10 days since surpassing the 5 % threshold for revealing a shareholding, the report stated.

An investor who crosses a 5 % stake should file a type with the SEC inside 10 days. It serves as an early signal to stakeholders {that a} massive investor may search to manage the corporate.

The SEC declined to touch upon the report and the Tesla prime boss didn’t instantly reply to a Reuters request for remark.

Apart from the delay, Musk’s April 4 submitting additionally characterised his stake as passive, that means he didn’t plan to take over Twitter or affect its administration or enterprise.

The subsequent day, nevertheless, he was provided a place on Twitter’s board, and a few weeks later, the world’s richest man had clinched a $44 billion (roughly Rs. 3,41,345 crore) deal to purchase the social media big.

Musk, identified for his candid Twitter posts, has a protracted historical past of skirmishes with the SEC.

Most not too long ago, a US choose slammed him for attempting to flee a settlement with the SEC requiring oversight of his Tesla tweets.

In April, the Information reported that the Federal Trade Commission is investigating whether or not Musk violated a regulation that requires corporations and folks to report sure giant transactions to antitrust-enforcement businesses.

© Thomson Reuters 2022