A new side gig for the Tesla boss comes with some strings
— many people noticed a wrinkle that seemed small at first but could cause problems later.
On Monday, Musk filed beneficial ownership report paperwork with the Securities and Exchange Commission to note his ownership of 73,486,938 shares of Twitter , and the box checked on the form indicated it was a Schedule 13G, which allows for a simple disclosure for investors who intend to remain “passive” in the company’s affairs.
We don’t usually get into stock market minutiae, but this is important because of what happened next. This morning, Twitter and its CEO, Parag Agrawal,, and that news raised eyebrows because it suggests a much more active role, which requires filing a more detailed Section 13D form about the stock purchase.
Failing to have the right disclosure could result in a fine from the SEC, and as much as Elon seems to enjoy his ongoing standoffs with the federal agency (alleging
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