Musk plans to settle with the SEC over X shareholding disclosure issues to pave the way for SpaceX's IPO
According to market news, based on a court document from the U.S. Securities and Exchange Commission (SEC), Elon Musk is in settlement negotiations with the SEC regarding his acquisition of Twitter (now renamed X) stock.
Reports indicate that SpaceX's bankers hope to resolve this matter before potentially launching the largest IPO in history. According to regulations, investors who purchase 5% or more of a public company's shares must disclose their ownership within 10 days of the purchase. However, Musk disclosed his holdings 21 days after reaching that threshold. He also submitted a "13G" form applicable to passive investors, rather than using the "13D" form intended for activist investors (including those intending to make a takeover bid). Musk's lawyers told the court earlier this month that, at least to some extent, these settlement negotiations were conducted without the involvement of the SEC enforcement attorneys responsible for the case.
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