The Weeks That Shook Twitter: How Elon Musk Built His Stake

Bloomberg2022-04-14

World’s wealthiest man goes from Twitter’s largest shareholder to possible board member to active investor.Twitter users woke up April 4 and found the words “Elon” and “Elon Musk” trending on the site...

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Comments

tig2021
2022-04-15
tig2021
Ok
TeikLeong
2022-04-14
TeikLeong
Like
BangkokBali
2022-04-14
BangkokBali
Buying Twitter shares like buying M&Ms just to fulfil a sudden itch for chocolates, that's why he's not joining the Board.
Remotecam
2022-04-14
Remotecam
$Twitter(TWTR)$board been talking to Elon? Maybe he suddenly realized they're bunch of idiots and decided to save himself.
SanWangtikup
2022-04-14
SanWangtikup
[Miser]
Maky
2022-04-14
Maky
Note this sentence: Without a board seat, he no longer has to act in the best interest of Twitter shareholders. So time will tell what is Elon Musk up to.

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Will Musk decide to buy shares from Twitter’s other investors? Will Musk ultimately decide to sell his shares and pocket his gains? As the news develops, here’s a look at what’s happened so far:Jan. 31: Musk starts building his stakeMusk started quietly buying Twitter shares on Jan. 31. By March 14, Musk had accumulated an over 5% stake, the point after which he was supposed to disclose the activity to the Securities and Exchange Commission, and by extension, the public. Musk missed the deadline to inform the SEC by 10 days. Because Twitter’s share price rose the second his stake was revealed, he was able to accumulate more on the cheap by not disclosing — a misstep that would later trigger a shareholder lawsuit.March 24: Musk starts critiquing Twitter, on TwitterHis stake still secret, Musk began tweeting criticisms of the company in late March.“Worried about de facto bias in the Twitter algorithm having a major effect on public; Twitter algorithm should be open source,” Musk tweeted on March 24.“Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?” Musk asked his Twitter followers in a poll posted on March 25.“Is a new platform needed?” Musk asked in a tweet on March 26. “Am giving serious thought to this.”Several users commenting on the Tesla chief executive officer’s tweet recommended he look into buying Twitter instead. Soon they would find out he was already acquiring shares.April 4: Musk’s stake becomes public, and he’s invited to join Twitter’s boardMusk’s filing listed him as a passive investor, and yet, shortly after it became public, he started tweeting out business propositions for the social media company. Musk posted another poll on Twitter asking users to vote on whether they wanted the company to add an edit button that would allow people to change tweets after they’ve been published. Twitter CEO Parag Agrawal urged users to “vote carefully” on the poll. “The consequences of this poll will be important.”By the end of the day,Twitter invited Musk to join the board. Musk signaled that he would sign an agreement stipulating that he could not own more than 14.9% of the company’s stock.April 5: Musk becomes an active investorIn the morning, several of Twitter’s board members took to the platform to congratulate Musk on his decision to join their ranks. Agrawal tweeted that the company and Musk had been chatting for weeks. Agrawal’s tweet led people to question why someone engaged in discussions to become a director would file as a passive investor.Later that day, Musk refiled the disclosure of his stake to classify himself as an active investor, making the change only after indicating that he would accept a seat on the social media company’s board.April 9: Musk rejects the board seatThe day that Musk was set to officially join Twitter’s board, Musk informed the company that he would be rejecting its offer. But, Twitter sat on the news for roughly 36 hours while waiting to see whether Musk would change his mind. Twitter’s investor relations website listed Musk as a board member throughout the weekend.During that time, while the public still thought Musk was set to join Twitter’s board, Musk tweeted several veiled criticisms and suggestions for the company. Musk asked his followers, “Is Twitter dying?”Musk suggested that everyone who signs up for Twitter Blue, a subscription version for power users, should get an authentication checkmark. He suggested Twitter should convert its San Francisco headquarters into a homeless shelter “since no one shows up anyway.” And he made some crass jokes, suggesting removal of the “w” in Twitter.April 10: Twitter makes the news publicOn Sunday, Agrawal sends out a note to employees, and later tweets it publicly. Neither Agrawal or Musk give a reason for the reversal.April 11: Speculation aboundsMusk files an amended disclosure with the SEC. He can now purchase as many shares as he wants. Without a board seat, he no longer has to act in the best interest of Twitter shareholders. At Twitter, which doesn’t have a founder with majority control like other tech giants, employees are “super stressed,” concerned that this is only the beginning of the whiplash.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9089170539,"gmtCreate":1649978539815,"gmtModify":1676534618868,"author":{"id":"3587008457873110","authorId":"3587008457873110","name":"tig2021","avatar":"https://static.tigerbbs.com/86558e2c1be0fae967630b306994ef5a","vip":1,"crmLevel":2,"crmLevelSwitch":1,"idStr":"3587008457873110","authorIdStr":"3587008457873110"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9089170539","repostId":1133110815,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9089095644,"gmtCreate":1649929217247,"gmtModify":1676534609014,"author":{"id":"3581504913688063","authorId":"3581504913688063","name":"TeikLeong","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3581504913688063","authorIdStr":"3581504913688063"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9089095644","repostId":1133110815,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9089090484,"gmtCreate":1649928055034,"gmtModify":1676534608880,"author":{"id":"4097763827236320","authorId":"4097763827236320","name":"BangkokBali","avatar":"https://community-static.tradeup.com/news/f17ddb9914fec9178579e05f9c29afb2","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4097763827236320","authorIdStr":"4097763827236320"},"htmlText":"Buying Twitter shares like buying M&amp;Ms just to fulfil a sudden itch for chocolates, that's why he's not joining the Board.","listText":"Buying Twitter shares like buying M&amp;Ms just to fulfil a sudden itch for chocolates, that's why he's not joining the Board.","text":"Buying Twitter shares like buying M&Ms just to fulfil a sudden itch for chocolates, that's why he's not joining the Board.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9089090484","repostId":1133110815,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9080778936,"gmtCreate":1649925168674,"gmtModify":1676534608410,"author":{"id":"4093854476996450","authorId":"4093854476996450","name":"Remotecam","avatar":"https://community-static.tradeup.com/news/f856a0a30bd0fa23a086fc678014e48b","vip":1,"crmLevel":6,"crmLevelSwitch":1,"idStr":"4093854476996450","authorIdStr":"4093854476996450"},"htmlText":"<a href=\"https://ttm.financial/S/TWTR\">$Twitter(TWTR)$</a>board&nbsp;been talking to Elon? Maybe he suddenly realized they're bunch of idiots and decided to save himself.&nbsp;","listText":"<a href=\"https://ttm.financial/S/TWTR\">$Twitter(TWTR)$</a>board&nbsp;been talking to Elon? Maybe he suddenly realized they're bunch of idiots and decided to save himself.&nbsp;","text":"$Twitter(TWTR)$board been talking to Elon? Maybe he suddenly realized they're bunch of idiots and decided to save himself.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9080778936","repostId":1133110815,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9080756357,"gmtCreate":1649922999894,"gmtModify":1676534607810,"author":{"id":"4087452914358580","authorId":"4087452914358580","name":"SanWangtikup","avatar":"https://static.tigerbbs.com/c7f061d50a9f915d0ce8e8c879871960","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":2,"crmLevelSwitch":0,"idStr":"4087452914358580","authorIdStr":"4087452914358580"},"htmlText":"[Miser]&nbsp;","listText":"[Miser]&nbsp;","text":"[Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9080756357","repostId":1133110815,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9080789120,"gmtCreate":1649917881219,"gmtModify":1676534607009,"author":{"id":"4097760012234950","authorId":"4097760012234950","name":"Maky","avatar":"https://static.itradeup.com/news/623d907d0a6cc27a289b9744092f6eef","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4097760012234950","authorIdStr":"4097760012234950"},"htmlText":"Note this sentence:&nbsp; Without a board seat, he no longer has to act in the best interest of Twitter shareholders. &nbsp;So time will tell what is Elon Musk up to.&nbsp;","listText":"Note this sentence:&nbsp; Without a board seat, he no longer has to act in the best interest of Twitter shareholders. &nbsp;So time will tell what is Elon Musk up to.&nbsp;","text":"Note this sentence: Without a board seat, he no longer has to act in the best interest of Twitter shareholders. So time will tell what is Elon Musk up to.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9080789120","repostId":1133110815,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":216,"commentSize":14,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1133110815"}