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{"id":3057,"date":"2022-04-06T14:41:38","date_gmt":"2022-04-06T14:41:38","guid":{"rendered":"https:\/\/scienceandnerds.com\/2022\/04\/06\/elon-musk-updates-the-paperwork-on-his-shocking-twitter-purchase-to-avoid-extra-sec-drama\/"},"modified":"2022-04-06T14:41:39","modified_gmt":"2022-04-06T14:41:39","slug":"elon-musk-updates-the-paperwork-on-his-shocking-twitter-purchase-to-avoid-extra-sec-drama","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2022\/04\/06\/elon-musk-updates-the-paperwork-on-his-shocking-twitter-purchase-to-avoid-extra-sec-drama\/","title":{"rendered":"Elon Musk updates the paperwork on his shocking Twitter purchase to avoid extra SEC drama"},"content":{"rendered":"

Source: https:\/\/www.theverge.com\/2022\/4\/5\/23012266\/elon-musk-sec-twitter-stock-acquisition-13d-tesla<\/a>
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Within the news of Elon Musk taking a significant ownership stake in Twitter <\/a>\u2014 and the revelation that it really is working on an edit button for tweets<\/a> \u2014 many people noticed a wrinkle that seemed small at first but could cause problems later. <\/p>\n

On Monday, Musk filed beneficial ownership report paperwork with the Securities and Exchange Commission (SEC) to note his ownership of 73,486,938 shares of Twitter (about 9.2 percent of its outstanding common stock and enough to make him the company\u2019s largest individual shareholder), and the box checked on the form (pdf<\/a>) indicated it was a Schedule 13G, which allows for a simple disclosure for investors who intend to remain \u201cpassive\u201d in the company\u2019s affairs. <\/p>\n

We don\u2019t usually get into stock market minutiae, but this is important because of what happened next. This morning, Twitter and its CEO, Parag Agrawal, announced Elon Musk is becoming a board member<\/a>, 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. <\/p>\n

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 broken promises<\/a>, accusing<\/a> the agency of leaks, claiming he was coerced into an unjust settlement<\/a> over his tweets, and citing Eminem<\/a> in a court filing are just a few), it looks like this is one he\u2019s decided to avoid. At about the same time news broke about the edit button, an updated filing appeared,<\/a> amending the previous one, checking off the correct box, and seemingly avoiding an unnecessary headache for the billionaire and his new 9.2 percent toy. <\/p>\n