4 ms·

maybe his lawyers informed him he made a mistake. he filed the disclosure on Schedule 13G which prevents him from joining the board, rather than 13D if he wants

maybe his lawyers informed him he made a mistake. he filed the disclosure on Schedule 13G which prevents him from joining the board, rather than 13D if he wants to do so. but then again, i wouldn't put it past elon to do all the things that the SEC explicitly tells people not to do.

boulos 4y ago
He did file a 13D as a follow up.
zarzavat 4y ago
I’m not especially intimate with American bureaucracy. Does filing under the wrong schedule really prevent him from joining the board? Can’t he just file a correction?
- deleted 4y ago
  [deleted]
- makeitdouble 4y ago
  Had the same thought, and looking at the SEC guideline, it seems 13D is the comprehensive one to be used by default, and 13G can only be filed under specific circumstances. At Elon’s level, it feels a lot more malicious than “oops, wrong form” https://www.investor.gov/introduction-investing/investing-basics/glossary/schedules-13d-and-13g https://www.investor.gov/introduction-investing/investing-ba...
  - polski-g 4y ago
    Elon is 100% not filing anything. His time is too valuable to be doing TPS reports. His attorney would have done it.
    - makeitdouble 4y ago
      While Elon's not typing the forms on the SEC website, I can't imagine his attorneys deciding by themselves how and when they will file to the SEC, when there are further consequences down the line. Elon has always been in hot waters with the SEC and should have all the attorneys in the world making sure all Is are doted and Ts crossed. I'd think we're in a reverse Hanlon's razor situation: don't assume incompetence when it can readily be assumed to be malice.
- bwilliams18 4y ago
  Yes, it probably would, he did file the correct form as he was joining the board.
- initplus 4y ago
  It's not as easy as just filing a correction, there are different timelines for when large share acquisitions must be disclosed. It's intended to make financial markets fairer. If he wants to join the board he needed to have filed correctly disclosing his acquisition of the shares earlier. To do otherwise is illegal and the SEC will surely take legal action. Filing now can't make everything OK, Elon can't go back in time and retroactively disclose the purchase.

boulos 4y ago

He did file a 13D as a follow up.

zarzavat 4y ago

I’m not especially intimate with American bureaucracy. Does filing under the wrong schedule really prevent him from joining the board? Can’t he just file a correction?

deleted 4y ago
[deleted]
makeitdouble 4y ago
Had the same thought, and looking at the SEC guideline, it seems 13D is the comprehensive one to be used by default, and 13G can only be filed under specific circumstances. At Elon’s level, it feels a lot more malicious than “oops, wrong form” https://www.investor.gov/introduction-investing/investing-basics/glossary/schedules-13d-and-13g https://www.investor.gov/introduction-investing/investing-ba...
- polski-g 4y ago
  Elon is 100% not filing anything. His time is too valuable to be doing TPS reports. His attorney would have done it.
  - makeitdouble 4y ago
    While Elon's not typing the forms on the SEC website, I can't imagine his attorneys deciding by themselves how and when they will file to the SEC, when there are further consequences down the line. Elon has always been in hot waters with the SEC and should have all the attorneys in the world making sure all Is are doted and Ts crossed. I'd think we're in a reverse Hanlon's razor situation: don't assume incompetence when it can readily be assumed to be malice.
bwilliams18 4y ago
Yes, it probably would, he did file the correct form as he was joining the board.
initplus 4y ago
It's not as easy as just filing a correction, there are different timelines for when large share acquisitions must be disclosed. It's intended to make financial markets fairer. If he wants to join the board he needed to have filed correctly disclosing his acquisition of the shares earlier. To do otherwise is illegal and the SEC will surely take legal action. Filing now can't make everything OK, Elon can't go back in time and retroactively disclose the purchase.