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05 Apr 2022
1 min read

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.

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