Elon Musk shrugged off disclosure of his stake in Twitter Inc to classify himself as an active investor, the change after taking a seat on the social media company’s board.
Musk, a billionaire who is the chief executive officer of Tesla Inc., filed a Form 13D with the US Securities and Exchange Commission on Tuesday, disclosing a 9.1% stake. The new filing indicates that Musk plans to take an active role in shaping Twitter’s agenda. The form he used on Monday is 13G, which is reserved for investors planning to go dormant.
According to an earlier filing with the Securities and Exchange Commission on Tuesday, the board’s appointment eliminated the possibility of Musk’s acquisition of Twitter, capping his ownership at 14.9% during his time on the panel. His ownership stake makes him the largest shareholder of Twitter.
Musk disclosed in a 13D filing that he used cash to purchase his stock almost daily from January 31 to April 1. The purchase price ranged from $32.80 to $40.30, as of the filing. Twitter closed Tuesday at $50.98 in New York.
Musk is one of the biggest celebrities on Twitter and has regularly gotten into trouble on the platform. He is currently seeking to pull out of the 2018 deal with the SEC that controls his tweets about Tesla.
Musk asked Twitter users in a poll on Monday evening if they wanted to keep the edit button. Last year, he polled Twitter users on whether he should sell his 10% stake in Tesla, which was backed by a majority.
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