June 25, 2022

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Twitter shares soar more than 25% after Elon Musk takes 9% stake in social media company

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Elon Musk speaks during a press conference at SpaceX’s Starbase facility near Boca Chica Village in South Texas on February 10, 2022.

Jim Watson | AFP | Getty Images

Tesla CEO Elon Musk has taken a big stake in social media company Twitter, a regulatory filing released Monday showed.

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. The stake is worth $2.89 billion, based Twitter’s closing price on Friday.

Twitter shares surged more than 25% in the premarket following the news, trading around $49.40 per share.

Musk is a frequent user of Twitter and has more than 80 million followers on the platform. However, some of his tweets have gotten the Tesla chief into hot water over the years.

This is breaking news. Please check back for updates.



2022-04-04 06:18:00

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