Elon Musk buys 73.5 million shares of Twitter’s stock, becoming biggest stakeholder
Tesla CEO Elon Musk acquired a 9 percent stake in Twitter to become its largest shareholder
Twitter (ticker: TWTR) stock was up nearly 25% Monday after Musk purchased 9.2% of the social-media company’s stock,
Musk is now the largest outside shareholder with 73,486,938 shares, according to a Securities and Exchange Commission filing released Monday.
The deal to acquire a stake in Twitter comes months after long time CEO Jack Dorsey departed the company.
Parag Agrawal replaced Dorsey in November, prompting Musk to tweet a meme depicting Agrawal as Joseph Stalin and Dorsey as Soviet secret police chief Nikolai Yezhov being pushed into water.
“Twitter has long been criticized for not realizing its full potential, and TWTR shareholders are hoping Musk can move the company in that direction,” wrote the folks at Bespoke Investment Group.
The performance of the two stocks couldn’t be more different over the past year.Tesla (TSLA) has gained 57%. Twitter, on the other hand, has dropped 39%.
"Do you want an edit button?" tweeted Musk,"The consequences of this poll will be important. Please vote carefully". Parag replies