Elon Musk Joins Twitter Board

JC Parets
April 5, 2022

We had a feeling this one would be fun to watch unfold...

After just 24 hours of speculation and buzz about Elon Musk becoming the largest shareholder of Twitter, we already have some important follow-up news.

In an 8-K filed around 8:30 a.m. ET today, Twitter reported that Musk has been appointed to a board seat.

The only significant information in the filing is that Musk is restricted from becoming a beneficial owner of more than 14.9% of outstanding shares during the time he serves as a director (and 90 days thereafter).

Whether he already owns the 14.9% now or not is unknown. We should find out soon in a 13D and/or a Form 4 filing in the coming days.

Stay tuned. There’s going to be more to come on this one.

Trian Fund Management LP filed a Form 4 yesterday for a purchase of an additional 3,724,600 shares in Invesco Ltd $IVZ.

This is the third time Trian has filed a Form 4 revealing an IVZ purchase in the past two weeks.

The hedge fund now owns nearly 55,000,000 shares of IVZ, representing an ownership stake of approximately 12%, or 17% of the free float.

The student loan servicing company Navient Corporation $NAVI made our list with a large insider purchase by the activist investor Edward Bramson of Sherborne Investors.

Sherborne’s latest 13D filing shows the firm doubling its stake with an additional 15 million shares worth roughly $250 million.

Sherborne is now the largest shareholder of Navient with a nearly 20% interest.

Here’s The Hot List, with data through April 4, 2022:

Adage Capital Partners disclosed a 5.25% passive ownership stake in the biotechnology company ImmunoGen $IMGN in a 13G Filing.

In another Form 4, Jan Barta reported an additional purchase worth roughly $2.3 million in Groupon $GRPN.

Barta and his firm, Pale Fire Capital, began building the position late last year and now own over 10% of outstanding shares.

In this Twitter thread from January, Barta lays out the logic for the investment.

In the options market, we saw bullish flow in Jumia Technologies $JMIA and in the popular clothing and accessories retailer The Gap $GPS.

Stay tuned. We'll be back Wednesday with more insider action.

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All Star Charts Team

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