Twitter Inc. shares were up 23 per cent in premarket trading today as Tesla owner Elon Musk revealed his 9.2 per cent stake in the company. Musk is now the largest owner of the company and it caused a massive run up in shares. The news comes after the tech mogul tweeted that he was giving “serious thought” to building a new social media platform.
According to a filing, musk owns 73.5 million Twitter shares, which were roughly $2.9 billion US based on when the stock market closed on Friday. On Monday morning, Twitter shares ramped up to more than $48 per share. The news has raised many questions about whether he will buy more of the company, or push for changes.
Wedbush analyst Dan Ives wrote in a note that “we would expect this passive stake as just the start of broader conversations with the Twitter board/management that could ultimately lead to an active stake and a potential more aggressive ownership role of Twitter,”
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