Elon Musk filed a new disclosure on his Twitter Inc. stake with the Securities and Exchange Commission on Tuesday, admitting that he invested in the company with the goal of effecting change and that his stock purchases began months ago.
The new filing requires more disclosure, and shows that Musk began accumulating Twitter stock on Jan. 31, with the purchase of more than 620,000 shares. Musk then purchased Twitter shares in every available trading session through April 1, with total daily shares purchased ranging from 371,075 on Feb. 15 to more than 4.8 million shares on Feb. 7.
The SEC requires that investors disclose when they have purchased more than 5% of a company’s stock on one of the two forms within 10 calendar days of hitting that threshold. Musk admitted on the first form he filed that he had passed that threshold on March 14 but did not disclose the purchases until April 4, missing the deadline by more than a week.
I saw that he can't own more than 15%?
Yeah, the whole board member announcement thing kinda put the 'passive' idea, to bed.
Thanks for driving up the price of my stock, Muskrat. Let me know when to sell.
👇🏼⚠️👇🏼
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Source: CNBC - 🏆 12. / 72 Read more »