On Monday morning Elon Musk filed a Schedule 13G disclosing that he owned 9.2% of Twitter Inc., which was a fun surprise. Part of the fun was that a 13G is a form that is used by passive investors who do not plan to meddle with the company’s management, and that doesn’t sound like Elon Musk. Activist investors are supposed to use the more detailed Schedule 13D. But Musk checked the passive investor box. Fun choice.
Part of the fun was that Musk’s 13G seemed to be late? It seemed to say that Musk acquired 5% of Twitter’s stock on March 14, and under the rules he would have 10 calendar days — until March 24 — to file the 13G (or 13D). But he filed it on April 4, 11 days late.