Longtime poster Elon Musk, who has a side job as CEO of Tesla, is on the board of directors of Twitter, a newly-minted meme, after filing an incorrect form with the Securities and Exchange Commission. Great content.
A billionaire of a different style might decide to buy a national newspaper with a storied past and reinvest in it, just as he might secretly test his cock-shaped rocket for years before publicly riding it. But despite owning Amazon, Jeff Bezos is somehow less poisoned by the internet than the meme lord Dogecoin. The real platform for brainworms is not The Washington Post, despite all the efforts of its authors. It’s Twitter.
Now, obviously, Musk has a long and storied history with Twitter, from SEC violations to defamation lawsuits, threats to journalists and meme theft. Do you think Twitter will ever be able to successfully moderate its largest shareholder and board member? As, of course, Twitter spokesman Adrian Zamora says they are “committed to impartiality in developing and enforcing their policies and regulations” and that “our day-to-day operations and decisions are made by Twitter management and employees.” In practice, we will find out if our friend Adrian is telling the truth, right?
Let’s talk about this form for a second. If you are, say, Elliott Capital Management, and you bought Twitter shares in order to activate shareholders’ activities, you fill out Form 13D, in which you disclose the purpose of your purchase (for example, the expulsion of Jack Dorsey, making Twitter more profitable). But if you’re a major institutional investor, say from an imaginary Ride the Lightning Capital firm, and you’re just going to passively own a piece of Twitter, you fill out Form 13G. Musk’s purchase was disclosed on Form 13G, which he filed on the same day he signed the documents to join the board of directors.