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Musk, who now holds a 9.1% stake in Twitter, has been buying shares of the social media giant almost on a daily basis for more than two months, according to a new 13D filing which suggests that Musk wishes to take on a more active role in Twitter’s business.
The previous 13G filing indicated that the Tesla (NASDAQ:TSLA) CEO holds a passive stake in the company, meaning he has no plans of exerting influence. However, the new SEC filing now shows otherwise.
The filing shows that Musk currently owns 73,115,038 Twitter shares, which were worth roughly $3.73 billion at the trading close.
In addition to becoming an active investor, Musk will also be joining Twitter’s board of directors, said Twitter CEO, Parag Agrawal.
The new filing showed that Musk made the biggest purchase on February 7 when he acquired over 4.8 million Twitter shares for $176 million.
During his time on Twitter’s board and 90 days after, Musk will not be able to increase his stake in the company to more than 14.9%, the filing said.
Twitter stock price is down 1% in pre-open Wednesday.
By Senad Karaahmetovic
