Tesla CEO Elon Musk is under investigation from the US Securities and Exchange Commission (SEC) over belated disclosure of his purchase of more than 5 percent of Twitter’s share. 

The glitch allowed him to purchase more stock without alerting other shareholders, something that may have saved him a significant amount of money. The SpaceX CEO  is also facing a lawsuit from Twitter shareholders and a separate Federal Trade Commission (FTC) probe over the same issue. 

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Musk divulged his purchase of the shares on April 4. This is 10 days later than the law mandates. 

Through this, he likely saved over $143 million by not reporting the trade, as the share price may have been higher had the market known about his stake, reported the Wall Street Journal. He gradually obtained 9.2 percent of Twitter, which made him the company’s largest shareholder.

Musk has had arguments frequently with the SEC over the past few years. In February, he asked a judge to overturn his agreement with the SEC that required him to get approval for tweets, accusing the Commission of conducting a “harassment campaign.” That request was turned down, as was Musk’s request to block an SEC subpoena related to possible insider trading.   

In his initial filing, Musk said he was a passive shareholder, but the following day he filed a form that showed more involvement, including an offer to join the board of directors. After seven days, he submitted an offer to buy Twitter for $44 billion, which has been approved by Twitter’s board. Musk has said that he will unlock the “extraordinary potential” of the site and that the deal will be good for free speech.   

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Recently, Musk’s pitch deck that includes financial targets for Twitter under his control was leaked online, revealing many details about what the Tesla CEO expects Twitter will turn into monetarily. The SpaceX CEO plans on increasing Twitter’s annual revenue by four times to $26.4 billion by 2028. He wants to grow Twitter’s total user number climb from 217 million users to 600 million by 2025. There is also a secret project named “X”, and it’s expected to generate at least 104 million paying subscribers to Twitter.