Elon Musk becomes Twitter’s biggest shareholder with $2.9 billion stock purchase

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Tech billionaire Elon Musk has purchased a huge $3 billion stake in Twitter.

‘The Guardian’ reports that Musk had indicated interest in building his own social media platform just last week.

According to filings made with the U.S. Securities and Exchange Commission, Musk now owns a 9.2% stake in Twitter. Comparatively, that is over four times the 2.25% stake held by Twitter founder Jack Dorsey. 

Musk is one of Twitter’s top 10 most popular users in the world with over 80 million followers on the platform.

“Twitter shares surged about 26% in premarket trading after the regulator filing released Monday detailing Musk buying the holding,” Bloomberg reported. “The stake is worth about $2.89 billion, based on Friday’s market close.”

via Reuters/Bloomberg

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