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[-] deltapi@lemmy.world 15 points 1 month ago

Genuinely ignorant here, please explain.

Why are they investigating at all? Didn't Musk basically Finance himself in the Abacus when he bought twitter?

[-] FuglyDuck@lemmy.world 45 points 1 month ago

FTA:

The SEC has been probing Musk's Twitter stock purchases to determine if he violated a securities law that requires disclosures within 10 days from anyone who buys more than a 5 percent stake in a company. Musk missed that deadline by 11 days, as he amassed close to a 10 percent stake, and a proposed class action lawsuit from Twitter shareholders has suggested that he intentionally missed the deadline to keep Twitter stock prices artificially low while preparing for his Twitter purchase.

[-] deltapi@lemmy.world 15 points 1 month ago

Ah, understood. Thank you.

Seems to me the first part of the violation is clear, fine him and be done with it.

Twitter users who think they could have milked him for more...I think they already got a better deal than fair market value.

[-] FuglyDuck@lemmy.world 30 points 1 month ago

It gets into stock manipulation, and that’s a bit more of an investigation.

Simply missing a deadline is one thing.

Missing the deadline while buying more because that filing would likely trigger a jump in price… is a different thing.

[-] Ragnarok314159@sopuli.xyz 7 points 1 month ago

Can’t wait until he is found guilty and has to pay a $1,000 fine.

[-] FuglyDuck@lemmy.world 4 points 1 month ago* (last edited 1 month ago)

can't wait until he gets dinged for not paying it!

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