When the public eventually learned of Elon Musk's 9.2% stake in Twitter, the company's stock surged. Soon after, Musk made an offer to buy Twitter outright. Some investors and analysts believe his delayed disclosure gave him an unfair advantage in the market, allowing him to save millions of dollars. Musk, for his part, has admitted to misunderstanding SEC disclosure rules, calling the delay a "mistake" during prior statements in July 2023.