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Elon Musk delayed filing a form and made $156 million [View all]
Elon Musk was eleven days late in publicly declaring he had amassed a large stake in Twitter.
That omission may have earned him $156 million, according to a half dozen legal and securities experts.
That omission may have earned him $156 million, according to a half dozen legal and securities experts.
Link to tweet
Elon Musk delayed filing a form and made $156 million
Elon Musk was required by the SEC to reveal that he'd acquired more than a five percent interest in Twitter. He missed the deadline by an extra 11 days and it
Elon Musk was required by the SEC to reveal that he'd acquired more than a five percent interest in Twitter. He missed the deadline by an extra 11 days and it
Technology
Elon Musk delayed filing a form and made $156 million
By delaying his disclosure of his stake in Twitter, Musk bought it at an artificially low price
By Reed Albergotti
Yesterday at 6:31 p.m. EDT
Elon Musk was 11 days late in publicly declaring he had amassed a large stake in Twitter. That omission may have earned him $156 million, according to a half-dozen legal and securities experts.
That’s because of a 50-year-old law that requires that investors notify the Securities and Exchange Commission when they surpass a 5 percent stake in a company. Musk reached that benchmark March 14, according to the filings. But he made his public disclosure only Monday.
In between, he continued to buy stock at the price of around $39 per share, bringing his total stake to 9.2 percent. After his disclosure, Twitter’s share price rose roughly 30 percent and is now above $50 per share.
The late filing netted Musk $156 million, said David Kass, a finance professor at University of Maryland’s business school. “I really don’t know what’s going through his mind. Was he ignorant or knowledgeable that he was violating securities law?” he said. Whoever was handling the trades for Musk should have known, Kass said.
{snip}
Gift Article
https://wapo.st/37jNS9r
By Reed Albergotti
Reed Albergotti is The Washington Post's consumer electronics reporter, taking readers inside powerful and secretive companies such as Apple and shedding light on the murky and global industry responsible for building the myriad devices that touch every aspect of our lives. He spent 12 years at the Wall Street Journal and four at the Information. Twitter https://twitter.com/reedalbergotti
Elon Musk delayed filing a form and made $156 million
By delaying his disclosure of his stake in Twitter, Musk bought it at an artificially low price
By Reed Albergotti
Yesterday at 6:31 p.m. EDT
Elon Musk was 11 days late in publicly declaring he had amassed a large stake in Twitter. That omission may have earned him $156 million, according to a half-dozen legal and securities experts.
That’s because of a 50-year-old law that requires that investors notify the Securities and Exchange Commission when they surpass a 5 percent stake in a company. Musk reached that benchmark March 14, according to the filings. But he made his public disclosure only Monday.
In between, he continued to buy stock at the price of around $39 per share, bringing his total stake to 9.2 percent. After his disclosure, Twitter’s share price rose roughly 30 percent and is now above $50 per share.
The late filing netted Musk $156 million, said David Kass, a finance professor at University of Maryland’s business school. “I really don’t know what’s going through his mind. Was he ignorant or knowledgeable that he was violating securities law?” he said. Whoever was handling the trades for Musk should have known, Kass said.
{snip}
Gift Article
https://wapo.st/37jNS9r
By Reed Albergotti
Reed Albergotti is The Washington Post's consumer electronics reporter, taking readers inside powerful and secretive companies such as Apple and shedding light on the murky and global industry responsible for building the myriad devices that touch every aspect of our lives. He spent 12 years at the Wall Street Journal and four at the Information. Twitter https://twitter.com/reedalbergotti
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