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Elon Musk disclosed a 9% stake in Twitter Inc., turning one of the social-media company’s most famous users into its largest shareholder.
The surprise move sent Twitter’s stock up 25% in Monday trading, though little is known about Mr. Musk’s intentions. The Tesla Inc. chief executive has previously reveled in the attention from his more than 80 million Twitter followers, and criticized the service broadly.
In a securities filing Monday, Mr. Musk reported owning almost 73.5 million shares of Twitter as of March 14, representing a stake valued at $2.9 billion based on Friday’s closing price. That gives Mr. Musk more Twitter shares than even company co-founder and former CEO Jack Dorsey, as well as large investors such as the Vanguard Group Inc.
Elon Musk disclosed a 9% stake in Twitter Inc., turning one of the social-media company’s most famous users into its largest shareholder.
The surprise move sent Twitter’s stock up 25% in Monday trading, though little is known about Mr. Musk’s intentions. The Tesla Inc. chief executive has previously reveled in the attention from his more than 80 million Twitter followers, and criticized the service broadly.
In a securities filing Monday, Mr. Musk reported owning almost 73.5 million shares of Twitter as of March 14, representing a stake valued at $2.9 billion based on Friday’s closing price. That gives Mr. Musk more Twitter shares than even company co-founder and former CEO Jack Dorsey, as well as large investors such as the Vanguard Group Inc.