Twitter stock soars after $2.9bn stake by Elon Musk

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Twitter's stock soared by more than 25 per cent in pre-market trade on Wall Street Monday, after Tesla boss Elon Musk took a major stake in the social media company.

In this file photo taken on March 09, 2020 Elon Musk, founder of SpaceX, speaks during the Satellite 2020 at the Washington Convention Center in Washington, DC. - NASA did not violate regulations when it decided to give SpaceX the sole contract to build a Moon lander, a watchdog said July 30, 2021, in a ruling that denied challenges by competitors Blue Origin and Dynetics.

According to a document filed with the US Securities and Exchange Commission, Musk acquired nearly 73.5 million Twitter shares — a 9.2 per cent stake in the company. Based on Friday’s closing price of the company’s stock, the South African-born billionaire’s investment amounts to nearly $2.9 billion.Musk, who is the world’s richest man and CEO of electric car manufacturer Tesla, is a frequent user of Twitter, posting missives and announcements that often generate controversy.

Source: News Formal (newsformal.com)

 

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