According to a regulatory filing on Monday, Tesla Inc CEO Elon Musk owns 9.2 percent of microblogging site Twitter Inc.Twitter shares jumped almost 28 percent in pre-market trade after Elon Musk disclosed in a 13G filing that he has bought a 9.2 percent passive position in the social media business.
Following the news, Twitter shares were up 28.49 percent in pre-market trade, closing at $50.51. The stake is worth around $2.89 billion as of Friday. According to a statement filed with the US Securities and Exchange Commission, the world’s richest man purchased almost 73.5 million shares.y’s market closing.
The investment and board position are also expected to allow Musk more leeway in proposing adjustments and improvements to the microblogging site. For example, on March 25, about 10 days after acquiring the stake, Musk first posted a poll asking his followers if Twitter rigidly adhered to the ideals of free expression, which he argued were important to a functioning democracy.
The investment and board position are also expected to allow Musk more leeway in proposing adjustments and improvements to the microblogging site. For example, on March 25, about 10 days after acquiring the stake, Musk first posted a poll asking his followers if Twitter rigidly adhered to the ideals of free expression, which he argued were important to a functioning democracy.