Musk violated securities laws by not making as schedule 13d filing timely.
https://www.washingtonpost.com/technology/2022/04/06/musk-twitter-sec/?utm_source=twitter&utm_medium=social&utm_campaign=wp_business
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......
In addition to missing the deadline to disclose his position, Musk may have also filed a misleading report to the SEC, claiming he is a “passive investor” with no aims to change or influence ownership of the company.
Musk polled his Twitter followers March 25 about whether they thought Twitter was protecting free speech. “The results of this poll will be important. Please vote carefully.” By that time, he had already purchased 63.5 million shares of the company’s stock
According to the law professor cited in the Washington Post article, Mush may not face serious penalties. The SEC has the right to seek both civil and criminal penalties against Musk. See
https://media2.mofo.com/documents/faqs-schedule-13d-g.pdf
Musk appears to intentionally violated the law here and should be sanctioned.
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