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Elon Musk becomes Twitter’s largest shareholder after acquiring 9.2% stake
Elon Musk, the billionaire founder of Tesla Inc., has bought a 9.2 percent stake in Twitter.
According to a document filed with the US Securities and Exchange Commission on Monday, Musk acquired 73,486,938 Twitter shares. The shares are held by the Elon Musk Revocable Trust, of which he is the sole trustee.
The stake is worth $2.89 billion based on Twitter’s closing price on Friday.
With this deal, Musk will be joining Vanguard, BlackRock, and State Street Corp. as top shareholders of the microblogging site.
Following the announcement, Twitter’s shares soared 25.8 percent to $49.48 in today’s pre-market trading.
Musk’s 9.2 percent Twitter stake makes him the largest shareholder in the company, according to Refinitiv data.
This means the billionaire has more than quadrupled the shares of Jack Dorsey, Twitter’s founder, who owns 2.25 percent.
Musk is a prolific user of Twitter and has more than 80 million followers on the platform.
Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
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