Elon Musk’s apparent breach of stock-disclosure rules in his Twitter takeover bid is putting pressure on regulators to revamp decades-old market safeguards that watchdogs say are failing to protect investors
The Musk-focused debate is the latest example of how the billionaire has challenged the authority of the SEC in recent years. | Patrick Pleul/Pool Photo via AP, File.
“Any delay whatsoever creates a huge opportunity for abuse and insider trading,” said Healthy Markets Association executive director Ty Gellasch, a former SEC official. Musk’s actions highlight why the rule matters, said Jill Fisch, a business law professor at the University of Pennsylvania law school. Twitter shareholders have already filed a class-action lawsuit against Musk, alleging that he ripped them off to the tune of $143 million.
Former SEC Chair Harvey Pitt, who led the agency under former President George W. Bush, said the deadline should be “as close to ‘real time’ as possible.”
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