Elon Musk bought 9% (or so) of Twitter. Apparently he failed to make some sort of disclosure, which he is being sued for
Musk started buying Twitter stock in January and acquired more than 5 percent of all shares by March 14, the lawsuit said. Under US law, "Musk was required to file a Schedule 13 with the SEC within 10 days of passing the 5 percent ownership threshold in Twitter, or March 24, 2022," said the complaint filed yesterday in US District Court for the Southern District of New York.
Ignoring the 10 vs 11 day wait, I have a broader question here. If the SEC requires such disclosure of buying more than 5%, does that not preclude quietly buying all the shares you can in a bid to take over the company? In other words, do you have to announce your intent to buy a controlling interest in the company (as Elon Musk later did) before you actually try?
