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Elon Musk won't join Twitter's board after all

Jellied Eel Silver badge

I think there's also a paperwork issue. When the purchase was announced, the regulatory filing was for a passive investment. Many regulators have similar rules, ie if you buy a large stake, you're meant to notify the market if it's active or passive, and if it's a prelude to a buyout.

No idea what the SEC penalties would be for becoming actively involved in running your investment would be if the wrong forms were used.

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