Elon Musk Twitter disclosure refiled! Not passive, says he is an active investor
Elon Musk refiled the disclosure of his stake in Twitter Inc. to classify himself as an active investor, making the change after taking a seat on the social media company’s board.
Musk, a billionaire who is chief executive officer of Tesla Inc., filed a form 13D with the U.S. Securities and Exchange Commission on Tuesday, disclosing a stake of 9.1%. The new filing indicates that Musk plans to take an active role in shaping Twitter’s agenda. The form he used on Monday, a 13G, is reserved for investors who plan to be passive.
The board appointment ends the possibility of Musk mounting a takeover of Twitter, capping his ownership at 14.9% during his time on the panel, according to an earlier filing with the Securities and Exchange Commission on Tuesday. His ownership stake makes him Twitter’s biggest stockholder.
Musk, in the 13D filing, disclosed he used cash to make his stock purchases almost daily from Jan. 31 through April 1. The purchase prices ranged from $32.80 to $40.30, according to the filing. Twitter closed Tuesday at $50.98 in New York.
Musk is one of the biggest personalities on Twitter and has regularly run into trouble on the platform. He is currently seeking to exit a 2018 deal with the SEC that put controls in place related to his tweeting about Tesla.
On Monday evening, Musk asked Twitter users in a poll if they wanted to have an edit button. Last year, he polled Twitter users on whether he should sell 10% of his stake in Tesla, which a majority supported.
As a new board member, “Musk is in a position to influence Twitter’s potential beyond news and live events, and could help draw younger users,” said Mandeep Singh, an analyst at Bloomberg Intelligence. “Though the edit button and removal of bots are some
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