Passive? Aggressive? What will it be for Twitter from Musk ‘thunder cloud’
The Tesla CEO filed a passive profile for his 9.2% Twitter stake, but will it be enough for the ‘attention-seeker’?
When Elon Musk disclosed his stake in Twitter, he had a choice.
Shareholders who intend to remain “passive” — those who don’t seek to influence or change control of a company — file a shorter form with the US Securities and Exchange Commission, called a 13G. Those angling for board seats or seismic shake-ups typically file one that’s longer, more in-depth, a 13D, within 10 days of buying their stake. The rule applies to anyone acquiring 5% or more of a public company’s stock.
Musk announced his 9.2% stake by filing the 13G. But the 50-year-old billionaire isn’t one to stay passive. The CEO of Tesla and SpaceX has called out Twitter for “failing to adhere to free speech principles” and the need to root out cryptocurrency scams that are prolific on the social media platform, cofounded by his friend Jack Dorsey. Musk is also among Twitter’s most watched users, with more than 80-million followers...