Elon Musk is under investigation over his plan to buy Twitter for $44 billion.
Breaking News! The Feds are coming for Elon Musk! https://t.co/xaxAUo7lCp
— Terrence K. Williams (@w_terrence) May 11, 2022
“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 added.
The move comes as Musk continues to become more vocal on the platform following his purchase. Earlier this week, he stated that former President Donald Trump’s permanent ban from Twitter was “morally wrong” and would reverse the ban.
Trump has since started his own social network and is not expected to return to the Twitter platform.
— Nick Gaillard (@nick__gaillard) May 12, 2022
The new investigation also comes just a few months ahead of the midterm elections, adding to increased drama as Democrats could face massive losses at the ballot box this year.