The Tesla CEO snaps up $2.89-billion worth of shares in Twitter, making him the largest shareholder in the company. The news almost came as a surprise mostly to netizens after Musk roasted the social media firm online for not adhering to the principles of free speech.
Musk now owns a 9.2% passive stake in the company, which dwarfs even that of Jack Dorsey, the most known co-founder and former CEO of Twitter who owns a 2.3% stake.
Two-day Rally For Twitter
Elon Musk joins Twitter’s board of Directors only a day after reports of the stake purchase. Twitter’s share price soared to $53.63 on Tuesday morning, coming hot on the heels of the company’s best day of trading on Monday with shares surging 27% higher.
Just a few minutes after this announcement, the Tesla chief tweeted about making “significant improvements” on the social media platform in the coming months.
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