Elon Musk updates the paperwork on his shocking Twitter purchase to avoid extra SEC drama

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Many people noticed a small flaw in the new edit button that could cause problems later, after the news of Musk taking a significant ownership stake in the company.

On Monday, Musk filed paperwork with the SEC to report his ownership of 73,486,938 shares of the company, enough to make him the company's largest individual shareholder.

We don't usually get into stock market details, but this is important because of what happened next. The news that Musk is becoming a board member of the company raised eyebrows because it suggests a much more active role, which requires filing a more detailed Section 13D form about the stock purchase.

Failing to have the right disclosure could result in a fine from the SEC, and as much as Elon seems to enjoy his ongoing standoffs with the federal agency (alleging broken promises, accusing the agency of leaks, claiming he was coerced into an unjust settlement over his tweets, and citing Eminem At the same time that news broke about the edit button, an updated filing appeared, amending the previous one, checking off the correct box, and seemingly avoiding an unnecessary headaches for the billionaire and his new 9.2 percent toy.

The new form includes language about Musk's plans for his stake in the company. He doesn't have plans to try and sell the company or its subsidiaries because he doesn't want to own more than 14.9% of the company's stock. According to a report by The New York Times, Musk did not sign an agreement promising not to influence the company's policies.

The new filing has more information about how we got here. Since January 31st, Musk has been buying a lot of shares. He bought more than 350,000 shares on the days he acquired them, peaking at 4,839,507 on February 7th, and the last noted batches were purchased on April 1st. On April 4th, we heard about his new role, and a day later, we learned that the edit button was in the works for over a year and has nothing to do with any poll posted by his newest board member.