When Elon Musk disclosed his stake in Twitter Inc., he had a choice.
Shareholders who intend to remain ¡°passive¡± ¡ª those who don¡¯t seek to influence or change control of a company ¡ª file a shorter form with the U.S. Securities and Exchange Commission, called a 13G. Those angling for board seats or seismic shakeups typically file a longer and more in-depth form, 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 billionaire, 50, isn¡¯t exactly one to stay passive. The chief executive officer of Tesla Inc. 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, which was cofounded by his friend Jack Dorsey. Musk is also among Twitter¡¯s most watched users, with more than 80 million followers. Late Monday, he asked them ¡ª in a Twitter poll ¡ª if they wanted an edit button, a feature that many users of the platform have long requested.
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