Elon Musk has acquired a 9.2% stake in Twitter, making him the company’s largest shareholder. The news sent Twitter’s stock soaring by more than 25% in premarket trading on Monday..
Musk, the CEO of Tesla and SpaceX, disclosed his stake in Twitter in a regulatory filing with the Securities and Exchange Commission (SEC) on Monday. He acquired 73.5 million shares of Twitter, worth about $2.9 billion..
Twitter’s stock price jumped to $49.15 in premarket trading on Monday, up from its Friday closing price of $39.31. The stock has since pared some of its gains, but it is still trading above $48..
Musk’s investment in Twitter comes as the company is facing increasing pressure from activist investors. Elliott Management, a hedge fund, has been pushing for changes at Twitter, including the removal of CEO Parag Agrawal..
Musk has been a vocal critic of Twitter’s policies, particularly its content moderation practices. He has said that he believes Twitter should be a platform for free speech..
It is unclear what Musk’s plans are for Twitter. He has not said whether he intends to join the company’s board of directors or make a bid to acquire the company..
Musk’s investment in Twitter is likely to shake up the company. He is a well-known and influential figure with a large following on Twitter. His involvement in the company could lead to changes in its policies and strategy..
It will be interesting to see how Musk’s investment in Twitter plays out. He is a disruptive force, and his involvement could lead to significant changes at the company..
