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Elon Musk takes 9% stake in Twitter
Tesla CEO Elon Musk has taken a 9.2% passive stake in Twitter, a company he has been vocal in criticizing. Musk’s stake in Twitter is worth $2.9B, CNBC reported. A passive investment in a company means that the buyer is considered a long-term investor seeking to minimize the buying and selling of shares, according to The Associated Press. The purchase was disclosed in a securities filing Monday, The Wall Street Journal reported. Musk now owns 73.5 million shares in Twitter. Musk’s activity caused Twitter stock prices to rise more than 25% in premarket trading, The Wall Street Journal reported. While an active ... (full story)
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Twitter shares soar more than 25% after Elon Musk takes 9% stake in social media company
Outspoken Tesla CEO Elon Musk purchased a giant stake in Twitter that makes him the largest outside shareholder in the social media stock, not long after criticizing the company for failing to uphold the tenets of free speech. Musk owns 73,486,938 shares of Twitter, which represents a 9.2% passive stake in the company, according to the Securities and Exchange Commission 13G filing released Monday. The stake is worth $2.89 billion, based Twitter’s closing price on Friday. The Musk buy comes less than two weeks after Musk criticized the company, polling people on Twitter about whether Twitter adheres to free speech ... (full story)
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