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Elon Musk's early Twitter stock buy under FTC scrutiny -The Information

Stock Markets Apr 28, 2022 03:31PM ET

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Elon Musk's early Twitter stock buy under FTC scrutiny -The Information

© Reuters. FILE PHOTO: Elon Musk twitter account is seen through Twitter logo in this illustration taken, April 25, 2022. REUTERS/Dado Ruvic/Illustration/File Photo 2/2

(Reuters) -Tesla Inc Chief Executive Elon Musk's initial 9% stake purchase in Twitter Inc (NYSE:TWTR) is being probed by the Federal Trade Commission (FTC), The Information reported on Thursday.

The FTC is looking into whether Musk complied with an antitrust reporting requirement when he bought his stake in the social media company in early April, the report said https://www.theinformation.com/articles/elon-musks-early-twitter-purchase-under-ftc-scrutiny, citing people with knowledge of the situation.

Companies that fail to abide by rules about reporting significant stock purchases or other acquisitions can be fined up to $43,792 per day.

After the initial stock purchase, Musk, the world's richest man, offered to buy the company for $54.20 per share in cash, which Twitter agreed to earlier this week. There is little expectation that Musk's potential purchase of Twitter will be rejected by antitrust enforcers.

The focus of the FTC inquiry is whether Musk bought the stake to influence Twitter's management or if he looked to be a passive shareholder, according to the report.

In his April 4 filing with the U.S. Securities and Exchange Commission, Musk characterized his stake as passive.

Twitter said it did not have a comment on the report, while the FTC declined to comment.

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Comments (6)

Gus McCrae Apr 28, 2022 4:27PM ET

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Reuters = American public enemy number one

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Gerald Minster Jr Apr 28, 2022 3:47PM ET

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FTC AND The Biden Administration leave Elon Musk alone. He has done more for this planet than you and your cronies could do in 100 lifetimes combined. Don't you have something better to do, like spend quadrillions of the taxpayer money?

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Joseph Pino Apr 28, 2022 2:45PM ET

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I dont recall FTC investigation into Warren Buffets multi billion timely buy of activision.

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Jay Jay Apr 28, 2022 2:10PM ET

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Why do people feel the need to comment every dumb thought that they have? There is nothing wrong here. There are checks and balances. Laws in place and people whose job is to enforce those rules. this is not called, "picking on Musk", as much as elon fanboys would like to claim

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Charles Woolley Apr 28, 2022 1:51PM ET

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headlines!!!!!! FTC to read Elon Musk's mind!!!!!

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Rob Stone Apr 28, 2022 12:58PM ET

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What a joke

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Paul Ervin Apr 28, 2022 12:58PM ET

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Which side? “what a joke”

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David Oakes Apr 28, 2022 12:58PM ET

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Musk

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