Twitter Shares Soar Following Elon Musk’s Almost $3-B Stake Purchase
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.
*OspreyFX would like to state that traders should research extensively before following any information given hereby. Any assumptions made in this article are provided solely for entertainment purposes and not for traders to guide or alter their positions. Please read our Terms & Conditions and Risk Disclosure for more information.
Subscribe to our newsletter to receive our weekly updates + more straight to your inbox!