Elon Musk has taken a major stake in Twitter, regulatory filings showed Monday, sending the social media network’s stock soaring and igniting speculation he could seek an active role in its operations.
Musk, the world’s richest man and CEO of electric vehicle company Tesla, is a frequent Twitter user who often posts controversial messages and announcements, and has long been critical of social media companies.
In one recent post he questioned Twitter’s adherence to free speech and hinted at launching his own platform.
According to a document filed with the US Securities and Exchange Commission (SEC), the South African-born billionaire acquired nearly 73.5 million Twitter shares — a 9.2 percent stake in the company.
Based on Friday’s closing price of the company’s stock, his investment amounts to nearly $2.9 billion.
Investors responded quickly. At 7.15 am in New York (1115 GMT) Twitter’s stock was trading at about $49, up by around 26 percent. Read the rest at breitbart.com.
