Tesla Inc (NASDAQ:TSLA) CEO Elon Musk is yet again finding himself in a tough position with the SEC, as he may have violated federal law when initially reporting his 9.1% stake in Twitter (NYSE:TWTR).
What Happened: Under the Securities Exchange Act of 1934, a passive investor must file a 13G disclosing a 5% or more stake in a company within 10 days of acquiring the stake. The original document Musk filed on April 4 shows the stake was acquired by March 14. That's 21 days between when Musk acquired the stake and when he disclosed it.
