Michael Hiltzik: Why don't regulators stop Elon Musk from breaking the law?

In his takeover adventure with Twitter, it seems more likely than not that Elon Musk has broken the law.

In some respects, his lawbreaking is easily documented. According to Musk's own disclosure, his purchases of Twitter shares brought him to 5% ownership of the company stock on March 14.

Securities law requires that any such holding be divulged publicly and to the Securities and Exchange Commission within 10 days, or in this case by March 24; Musk didn't make the disclosure until April 4, which was 11 days late.

In financial terms, the consequences weren't trivial: By our calculations, the delay might have saved Musk more than $170 million in his Twitter purchases. To put it another way, he may have rooked the Twitter stockholders whose shares he bought out of $170 million.

This wouldn't be the first time Musk has run roughshod over laws or regulations. In the past, he has flouted not only securities rules but other public regulations as well, such as public health rules concerning the pandemic and rules regarding the safe operation of self-driving technologies on public roads.

Up to now, the general public reaction to this behavior has been limited to a bemused shaking of the head and the thought: "How does he get away with it?" him get away with it?"