SCHEDULE 13D
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1 to Schedule 13G)
Twitter Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
90184L102
(Cusip Number)
John
Lutz
Heidi Steele
McDermott Will & Emery LLP
444 West Lake Street, Suite 4000
Chicago, IL 60657
(312) 984-3624 |
(Name, Address and
Telephone Number of Person
Authorized to Receive Notices and Communications)
April 4, 2022
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule
13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 240.13d-1(f)
or 240.13d-1(g), check the following box. x
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information
which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall
not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall be subject to all other provisions of the act (however, see the Notes).
SCHEDULE 13D
CUSIP No. 90184L102
1 |
Name
of Reporting Person: I.R.S.
Identification Nos. of Above Person (entities only):
Elon R. Musk |
2 |
Check the Appropriate Box if a Member of a Group (See Instructions):
(a) ¨
(b) ¨
|
3 |
SEC Use Only:
|
4 |
Source of Funds (See Instruction):
OO |
5 |
Check
if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e): x
|
6 |
Citizenship
or Place of Organization:
USA |
Number of Shares |
7 |
Sole Voting Power:
73,115,038 |
Beneficially
Owned by
Each |
8 |
Shared
Voting Power:
-- |
Reporting
Person With |
9 |
Sole
Dispositive Power:
73,115,038 |
|
10 |
Shared Dispositive Power:
-- |
11 |
Aggregate
Amount Beneficially Owned by Each Reporting Person:
73,115,038 |
12 |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) ¨
|
13 |
Percent of Class Represented by Amount in Row (11):
9.1%1 |
14 |
Type of Reporting Person (See Instructions):
IN |
|
|
|
|
1 Based on 800,641,166 shares of Common Stock outstanding
as of February 10, 2022 as reported in the Issuer’s Annual Report on Form 10-K for the year ended December 31, 2021.
SCHEDULE 13D
Item 1. Security and Issuer.
Elon Musk
(the “Reporting Person”) previously filed a Schedule 13G on April 4, 2022 (the “Schedule 13G”). This Schedule
13D (this “Schedule 13D”) relates to the common stock (the “Common Stock”) of Twitter Inc., a Delaware corporation
(the “Issuer” or “Registrant”), and amends the Schedule 13G. The address of the principal executive offices
of the Issuer is 1355 Market Street, Suite 900, San Francisco, CA 94103; its telephone number is (415) 222-9670.
Item 2. Identity and Background.
| (a) | This Schedule 13D is being filed by Elon Musk
(the “Reporting Person”). |
| (b) | The principal business address for the Reporting
Person is 2110 Ranch Road 620 S. #341886, |
Austin, TX 78734.
| (c) | The
principal occupation of the Reporting Person is serving as the Technoking and Chief Executive
Officer of Tesla, Inc., the business address of which is 1 Tesla Road, Austin, Texas 78725.
On April 4, 2022, the Reporting Person entered into a letter agreement with the Issuer in
which the Issuer agreed to appoint the Reporting Person to the Board of Directors of Issuer,
subject to certain onboarding procedures. |
| (d) | The
Reporting Person has not been convicted in a criminal proceeding (excluding traffic violations
or similar misdemeanors) during the last five years. |
| (e) | During
the last five years, the Reporting Person has not been a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities laws or finding
any violation with respect to such laws, except for proceedings initiated by the Securities
and Exchange Commission, and related settlement with the Securities and Exchange Commission
filed with the U.S. District Court for the Southern District of New York on September 29,
2018 and further amended on April 26, 2019, with respect to Reporting Person’s statement
on August 7, 2018 that he was considering taking Tesla private. |
| (f) | The Reporting Person is a citizen of the United
States. |
Item 3. Source and Amount of Funds or Other Consideration.
The
Reporting Person used cash to make the purchases of Common Stock listed on Schedule I hereto.
Item 4. Purpose of Transaction.
On April 4, 2022, the Reporting
Person and the Issuer entered into a letter agreement (the “Agreement”) which provides that: (i) the Issuer will appoint
the Reporting Person to the Issuer’s Board of Directors (the “Board”) to serve as a Class II director with a term expiring
at the Issuer’s 2024 Annual Meeting of Stockholders; and (ii) for so long as the Reporting Person is serving on the Board and for
90 days thereafter, the Reporting Person will not, either alone or as a member of a group, become the beneficial owner of more than 14.9%
of the Issuer’s common stock outstanding at such time, including for these purposes economic exposure through derivative securities,
swaps, or hedging transactions. The foregoing summary of the Agreement does not purport to be complete and is subject to, and qualified
in its entirety by, the full text of the Agreement, which is filed as Exhibit A and incorporated herein by reference.
The Reporting Person holds
the Common Stock of the Issuer for investment purposes. Depending on the factors discussed herein, the Reporting Person may, from time
to time, acquire additional shares of Common Stock and/or retain and/or sell all or a portion of the shares of Common Stock held by the
Reporting Person in the open market or in privately negotiated transactions, and/or may distribute the Common Stock held by the Reporting
Person to other entities. Any actions the Reporting Person might undertake will be dependent upon the Reporting Person’s review
of numerous factors, including, among other things, the price levels of the Common Stock, general market and economic conditions, ongoing
evaluation of the Issuer’s business, financial condition, operations and prospects, the relative attractiveness of alternative
business and investment opportunities, investor’s need for liquidity, and other future developments. Any future acquisitions of
Common Stock will be subject to the Company’s policies, including its insider trading policy, as applicable.
Except as set forth above,
the Reporting Person has no present plans or intentions which would result in or relate to any of the transactions described in subparagraphs
(a) through (j) of Item 4 of Schedule 13D.
Item 5. Interests in Securities
of the Issuer
(a,b) For information
regarding beneficial ownership, see the information presented on the cover page of this Schedule 13D. The Common Stock beneficial owned
by the Reporting Person is held by the Elon Musk Revocable Trust dated July 22, 2003 for which Elon Musk is the sole Trustee.
(c) Schedule I sets forth the transactions
in the Common Stock effected by the Reporting Person during the past 60 days.
(d) Not applicable
(e) Not applicable
Item 6. Contracts, Arrangements,
Understandings or Relationships with Respect to Securities of the Issuer.
On April 4, 2022, the Reporting Person and
the Issuer entered the Agreement described in Item 4 above. The Agreement is filed as Exhibit A hereto and incorporated by herein
reference.
Item 7. Exhibits
EXHIBIT A |
|
Letter
Agreement, dated as of April 4, 2022, among Twitter, Inc. and Elon Musk (incorporated herein by reference to Exhibit 10.1
to the Current Report on Form 8-K filed by the Issuer with the Securities and Exchange Commission on April 5, 2022). |
SIGNATURE
After reasonable inquiry and to the best of my
knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: April 5, 2022
By: |
/s/
Elon Musk |
|
|
Elon Musk |
|
SCHEDULE I
The following table lists all transactions completed by the Reporting
Person in the Common Stock since January 31, 2022, which were all completed through open market purchases.
Date |
Shares
bought |
Price |
1/31/2022 |
620,083
|
$36.828 |
2/1/2022 |
542,496
|
$37.549 |
2/2/2022 |
850,373
|
$36.748 |
2/3/2022 |
3,649,957
|
$34.391 |
2/4/2022 |
1,070,429
|
$36.184 |
2/7/2022 |
4,839,507
|
$36.515 |
2/8/2022 |
730,000
|
$35.733 |
2/9/2022 |
638,283
|
$36.886 |
2/10/2022 |
2,604,907
|
$36.642 |
2/11/2022 |
1,291,432
|
$36.523 |
2/14/2022 |
958,849 |
$35.92
|
2/15/2022 |
371,075
|
$36.511 |
2/16/2022 |
655,000
|
$35.814 |
2/17/2022 |
731,581
|
$35.891 |
2/18/2022 |
1,331,040
|
$34.506 |
2/22/2022 |
1,256,751
|
$33.231 |
2/23/2022 |
1,063,170
|
$32.806 |
2/24/2022 |
838,793
|
$33.765 |
2/25/2022 |
695,849
|
$34.784 |
2/28/2022 |
1,025,518
|
$35.320 |
3/1/2022 |
897,656
|
$35.326 |
3/2/2022 |
992,785
|
$34.575 |
3/3/2022 |
1,211,426
|
$33.971 |
3/4/2022 |
1,016,259
|
$33.376 |
3/7/2022 |
1,779,530
|
$33.067 |
3/8/2022 |
2,228,858
|
$33.769 |
3/9/2022 |
1,005,125
|
$34.154 |
3/10/2022 |
1,228,833
|
$33.932 |
3/11/2022 |
2,927,000
|
$33.238 |
3/14/2022 |
2,770,284
|
$33.082 |
3/15/2022 |
1,966,000
|
$33.791 |
3/16/2022 |
2,978,376
|
$34.992 |
3/17/2022 |
1,500,000
|
$37.089 |
3/18/2022 |
2,858,340
|
$38.252 |
3/21/2022 |
1,942,482
|
$37.280 |
3/22/2022 |
2,476,000
|
$38.542 |
3/23/2022 |
2,502,140
|
$38.149 |
3/24/2022 |
1,926,764
|
$38.675 |
3/25/2022 |
3,491,274
|
$38.202 |
3/28/2022 |
2,603,779
|
$38.772 |
3/29/2022 |
2,875,934
|
$40.301 |
3/31/2022 |
2,000,000
|
$38.818 |
4/1/2022 |
2,171,100
|
$39.341 |
|