Elon Musk’s Belated Disclosure of Twitter Stake Triggers Regulators’ Probes

WASHINGTON—Federal regulators are investigating Elon Musk’s late disclosure last month of his sizable stake in Twitter Inc., according to people familiar with the matter, a lag that allowed him to buy more stock without alerting other shareholders to his ownership.

The Securities and Exchange Commission is probing Mr. Musk’s tardy submission of a public form that investors must file when they buy more than 5% of a company’s shares, the people said. The disclosure functions as an early sign to shareholders and companies that a significant investor could seek to control or influence a company.

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