“He’s not trying to get board seats, take over the board, or push the company to sell itself,” said Eleazer Klein, a partner at law firm Schulte Roth & Zabel. “He’s not trying to be an activist shareholder. But you can be influential without being an activist. He can certainly talk to the company, and say ‘I’m concerned about crypto and as a shareholder I want you to know my views.’”

Other securities law experts said that kicking off his stake disclosure with a “passive” filing gives Musk more flexibility, and keeps everyone guessing as to what his real intentions are.

“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.”

Whether Musk stays passive or switches to active, Twitter shares soared 27 per cent on Monday, a signal that shareholders welcome his investment -- and his likely involvement in the company’s direction.

“Regardless of whether it’s a G or a D, you’re going to hear a lot from him,” Elson said. “He’s a thunder cloud walking in. He is a highly vocal, attentive and attention-seeking individual.”