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View all search resultsElon Musk buys large stake in Twitter, sending stock soaring
Musk, who has more than 80 million followers on the microblogging platform, became its largest shareholder following the purchase of 73.5 million shares or 9.2 percent of common stock.
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In this file photo taken on February 10, 2022 Elon Musk gestures as he speaks during a press conference at SpaceX's Starbase facility near Boca Chica Village in South Texas. (AFP/Jim Watson)
T
witter's shares soared after Tesla CEO Elon Musk disclosed on Monday a large stake in the social media company, which he has criticized for its approach to speech rights.
Musk, who has more than 80 million followers on the microblogging platform, became its largest shareholder following the purchase of 73.5 million shares or 9.2 percent of common stock, according to a securities filing.
The investment is worth about $2.9 billion based on Friday's share price. Musk is currently the world's richest man, with a net worth of $287.6 billion, according to Forbes.
The billionaire is a frequent Twitter user, regularly mixing in inflammatory and controversial statements about issues or other public figures with remarks that are whimsical or business-focused.
He has also sparred repeatedly with federal securities regulators, who cracked down on his social media use after a purported effort to take Tesla private in 2018 fell apart.
Twitter shares rocketed higher on the announcement, surging 27.1 percent to $49.97.
"We would expect this passive stake as just the start of broader conversations with the Twitter board (and) management that could ultimately lead to an active stake and a (potentially) more aggressive ownership role of Twitter," analysts Daniel Ives and John Katsingris of Wedbush wrote in a note.
