Elon can change his mind about being passive and file a 13D. A 13D form indicates an "activist" stake.

"It seems that Musk is advocating for change, not control," said Charles Elson, founding director of the Weinberg Center for Corporate Governance at the University of Delaware. "But it's going to be a mess for Twitter, because Elon Musk is not your ordinary shareholder."

Twitter's next annual meeting is May 25, 2022.