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Twitter shares soar more than 25% after Elon Musk takes 9% stake in social media company - Ekiensnews
Saturday, December 10, 2022
HomeTechnologyTwitter shares soar more than 25% after Elon Musk takes 9% stake...

Twitter shares soar more than 25% after Elon Musk takes 9% stake in social media company

Elon Musk speaks during a press conference at SpaceX’s Starbase facility near Boca Chica Village in South Texas on February 10, 2022.Jim Watson | AFP | Getty ImagesTesla CEO Elon Musk has taken a big stake in social media company Twitter, a regulatory filing released Monday showed.Musk owns 73,486,938 shares of Twitter, which represents a 9.2% passive stake in the company, according to the Securities and Exchange Commission 13G filing. The stake is worth $2.89 billion, based Twitter’s closing price on Friday. While it is classified as a passive stake, investors were bidding shares higher on the chance this could lead to something more. Twitter shares surged more than 25% in the premarket.”Musk could try to take a more aggressive stance here on Twitter,” Wedbush analyst Dan Ives said Monday on CNBC’s “Squawk Box.” “This eventually could lead to some sort of buyout.”Musk is a frequent user of Twitter and has more than 80 million followers on the platform. However, some of his tweets have gotten the Tesla chief into hot water over the years.On Aug. 7, 2018, Musk tweeted he had “funding secured” to take Tesla private at $420 per share. The 12 months following that tweet were a roller coaster for Musk and Tesla shareholders. In that time, the company set performance records, but also had to deal with litigation, government inquiries and layoffs. Musk also reached a settlement with the SEC that removed him from chairman role within Tesla. This is breaking news. Please check back for updates.

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