The Securities and Exchange Commission (SEC) has reportedly launched a probe into Elon Musk's late filing of a required form regarding his takeover of Twitter.
The required disclosure was reportedly filed on April 4, 10 days later than it should have been, which could have personally saved him up to over $140 million, due to the positive effect it would have had on share prices that much earlier.
According to the Daily Wire, the filing in question is required because it "functions as an early sign to shareholders and companies that a significant investor could seek to control or influence a company."
It should be noted that the investigation almost certainly won't have any direct effect on his takeover of the company, which has now been approved by the Twitter Board of Directors unanimously.
As such, the SEC has little to no authority to stop such a transaction from taking place, as that would be beyond its purview.
Critics have mentioned that the high level of scrutiny into Musk in the wake of his Twitter bid may be politically motivated. Musk has, for example, revealed that he would allow ex-President Donald Trump back on to the platform, saying that he never should have been kicked off in the first place.
Musk is also currently being investigated separately by the Federal Trade Commission, also in connection with the same deal to buy Twitter.
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