Musk buys 9.2% stake in Twitter
TELSA Chief Executive Officer, Elon Musk, has bought a 9.2 per cent stake in micro-blogging platform Twitter.
Reuters reports the deal likely makes the South African-born Musk the biggest shareholder in the micro-blogging site and triggered a 23% rise in its shares.
It adds that Musk’s move comes close on the heels of his tweet saying he was giving a “serious thought” to building a new social media platform, while questioning Twitter’s commitment to free speech.
According to the report, a filing showed Musk owns 73.5 million Twitter shares, valuing his passive stake in the company at up to $2.9 billion based on the stock’s Friday close.
The shares are held by the Elon Musk Revocable Trust, of which he is the sole trustee.