ad
Excerpt
Spurred by the news, Twitter shares surged more than 20 percent during the pre-opening electronic trading session on Monday (4th), hovering around $48, then opening at $47.9 and rising to a high of $49.77 before hovering above $48.
According to documents filed by Twitter (TWTR) with the U.S. Securities and Exchange, Tesla (TSLA) CEO Elon Musk already holds a 9.2% stake in Twitter; this makes Elon Musk the single largest shareholder of Twitter.
Elon Musk has tweeted that he is "seriously considering" building a new social platform.
Elon Musk currently holds 73.5 million shares of Twitter through the Elon Musk Revocable Trust, which has a market capitalization of about $2.9 billion based on Twitter's closing price of $39.31 last Friday, the filings say.
Elon Musk has more than 80 million followers since he became a Twitter user in 2009; he has made several startling remarks on Twitter, including an attempt to privatize Tesla, which has been censored by regulators.
Elon Musk has been critical of social platforms and their policies in the past, saying Twitter has failed to abide by the principles of free speech and undermined democracy.
Source: Sing Tao
More articles recommended