Twitter shareholder Elon Musk is reportedly being investigated by the SEC. Once more.

Elon Musk is reportedly being investigated by the Securities and Alternate Fee over failure to reveal his important buy of Twitter shares throughout the mandated timeframe. In keeping with The Wall Avenue Journal, this delay might have saved him over $143 million.

The Wall Avenue Journal studies that Tesla’s CEO and Twitter’s imminent proprietor is in hassle with the SEC but once more, with the federal authorities scrutinising Musk’s funding in Twitter earlier this 12 months. Underneath the Securities Alternate Act of 1934, traders who purchase over 5 % of a publicly traded firm are required to file a report notifying the SEC inside 10 days of the acquisition. Musk purchased sufficient Twitter shares to move this 5 % threshold on March 14, placing the deadline for disclosure at March 24.

Nevertheless, somewhat than notifying the SEC of his shiny new Twitter shares, Musk waited till the deadline handed earlier than shopping for much more shares, placing his stake at 9.2 %. The billionaire solely filed his report with the SEC on April 4, 11 days after he was required to take action for the primary buy.

Twitter’s inventory value predictably shot up after Musk’s disclosure, closing 27 % increased on the primary day because the market took discover of his curiosity within the microblogging platform. Musk’s delay in disclosing thus gave him a window to buy extra shares at a cheaper price than it could have in any other case bought for — a possibility he took full benefit of.

Musk’s tardiness and subsequent achieve additionally got here at a price to different merchants. In April, the billionaire turned the topic of a proposed class motion introduced by former Twitter shareholders, who had bought their shares between the date Musk was obligated to report his stake and the date on which he really did.

It is not clear what penalties Musk may face if the SEC does resolve to take motion in opposition to him. However no matter it’s, likelihood is he and his $224 billion internet value will simply shrug it off. In any case, Musk hasn’t proven a lot respect for the SEC nor contrition for his actions prior to now.