Twitter Inc TWTR shares are trading significantly higher Monday morning after Tesla Inc TSLA CEO Elon Musk disclosed a 9.2% passive stake in the social media company.
According to a 13G filing with the U.S. Securities and Exchange Commision, Musk bought 73,486,938 Twitter shares with sole power to vote. The nearly $3 billion purchase reportedly makes Musk the largest Twitter shareholder.
The move comes after Musk said he was seriously considering building a new social media platform, following a Twitter poll questioning the company's algorithm, suggesting it should be open source.
Related Link: Elon Musk Discloses 9.2% Stake In Twitter Weeks After Criticizing Algorithm: What You Need To Know
TWTR 52-Week Range: $31.30 - $73.34
The stock was up 20.5% at $47.37 at time of publication.
Photo: Stock Catalog from Flickr.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
