Form 13D, filed after form 13G (which is filed by investors who intend to take a passive role) in a span of two days, shows that Musk already intended to take a more active role at Twitter.
The CEO of Tesla and SpaceX yesterday was named to Twitter’s board of directors on Tuesday, according to Form 8-K filed with the SEC.
As indicated by the National Securities and Exchange Commission (SEC), “during the time that Mr. Musk is part of the board and up to 90 days after, Mr. Musk may not at any time own more than 14.9% of the company either alone or as part of a group”.
The filing came after a Reuters analysis was published that said Musk could face regulatory trouble for filing incorrect paperwork and missing a key disclosure deadline.
Musk currently owns a 9.2% stake in Twitter and has joked that he will push for changes at the social media company, including the possible inclusion of an “edit button” on its platform. With this acquisition, Elon Musk became the largest shareholder of Twitter, ahead of the Vanguard group (8.79%) or Morgan Stanley (8.76%).
Twitter users are also calling on you to take action against the many Bitcoin and Dogecoin scams being seen on the platform. Price movement Twitter shares closed 2% higher at $50.98 on Wednesday, according to data from Benzinga Pro.
Source: Ambito
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