On Tuesday, Tesla and SpaceX CEO Elon Musk joined Twitter’s board of directors, one day after revealing he had purchased a 9.2% stake in the social network and became its largest shareholder.
Now, according to Bloomberg, Musk has refiled his Twitter disclosure with the U.S. Securities and Exchange Commission on Tuesday, to change his status to ‘active’, in other words, from form 13G (passive) to 13D (active).
The form 13D filed by Musk notes he has a 9.1% stake in Twitter and purchased shares of the social network with cash from January 31 through April 1, with prices ranging from $32.80 to $40.30, noting the filing. Musk spent $2.9 billion on his purchase of Twitter shares. The move has sent Twitter’s stock price surging, plus cryptocurrency Dogecoin, supported by Musk, has also increased in the past two days.
With Musk joining Twitter’s board, it also limits his ownership stake to 14.9% while being actively involved with the latter, thus ending the possibility of a takeover anytime soon.
Twitter on Tuesday revealed it has been working on an edit button since 2021, and will be testing it soon in the coming months for paid members of its Twitter Blue service. The timing of the reveal comes after Musk started his own Twitter poll asking if users wanted an edit button.
https://twitter.com/TwitterComms/status/1511456430024364037
Shares of Tesla traded up 2% today, closing at $50.98 and over the past five days, have seen gains of 26% due to Musk’s new stake in the company.
