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.