By delaying his paperwork, Musk may have saved himself hundreds of millions of dollars.
the actual filing Musk made with the SEC to tell the agency that he’d bought 9 percent of Twitter. Right at the top, it says the “date of event which requires filing of this statement”—in this context, the purchase of at least 5 percent of Twitter’s stock—is March 14. Securities law would have had Musk disclosing that stake no later than March 24, the 10th day after he hit 5 percent. But the disclosure is dated April 4, the same day the rest of the universe found out Musk had bought the shares.
On April 4, Musk went public with his buying, and the stock went up. It closed at $49.47 per share, about $10 better than at the close of the previous trading day. You could reasonably surmise that everyone who sold Twitter stock in that intervening period sold it at $9 or $10 lower than they would have if Musk had disclosed his stake on the law’s schedule. Those 13.1 million shares would’ve cost him an additional $130 million or so, depending on your napkin math.
of learning that Musk had amassed his stake. The SEC would probably be looking into taking its own bite at the apple even if the investor in question weren’t Musk.
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