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Feds Open Investigation Into Elon Musk, Report Says

Feds Open Investigation Into Elon Musk, Report Says | 11 May 2022 | The U.S. government has reportedly opened an investigation into Elon Musk's business dealings surrounding his recent $44 billion purchase of Twitter. "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 reported. "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 said that Musk's April 4 disclosure filing was at least 10 days late, a move that is believed to have saved him more than $140 million because share prices could have been higher if the public knew about his ownership of 5% of the company.