Elon Musk filed a new disclosure on his Twitter Inc. shares with the Securities and Exchange Commission on Tuesday, acknowledging that he has invested in the company with the goal of change and that his stock purchase began a few months ago.
Musk revealed Monday morning that he bought 9.2% of Twitter
TWTR,
Outstanding stock, but he did it in a 13G form that the investment was passive, which means he doesn’t want to change the company. On Tuesday afternoon, he submitted a Form 13D, often used by active investors, which details a deal with Tesla Inc.
TSLA,
The chief executive arrived with the social-media company which was revealed by Twitter the day before.
The new filing requires further disclosure, and shows that Musk began accumulating Twitter stock on Jan. 31, buying more than 620,000 shares. Musk then bought Twitter shares in each of the available trading sessions until April 1, with a total daily share of more than 4.8 million shares purchased from 371,075 on February 15 to 7 February.
Read: Elon Musk promises ‘significant improvement’ on Twitter: Will Tesla’s founder revolutionize Twitterverse?
The SEC requires that investors disclose when they purchase more than 5% of the company’s stock in one of two forms within 10 calendar days of reaching that threshold. Musk admitted in the first form that he exceeded that threshold on March 14 but did not disclose the purchase until April 4, missing more than a week.
Twitter announced on Tuesday morning that Mask would take a board seat in exchange for agreeing not to increase its stake in the company to 15% or more. The same information was reflected in Mask’s SEC filing on Tuesday.
Following Monday’s original release, Musk tweeted a poll asking if users wanted an edit button. After users overwhelmingly voted “yse” instead of “on”, Twitter’s official communications account said Tuesday that the company was preparing to test such an offer on its subscription Twitter Blue service.
Opinion: Twitter has put Elon Musk on board so he can’t pull another Tesla
Twitter’s stock has risen a combined 29.7% in two trading sessions since the announcement of its stake in Mask Company. These gains add more than $ 9 billion to Twitter’s market capitalization, which now stands at about $ 40.8 billion.
