Elon Musk Buys 9.2% Stake in Twitter, Sending Stock Prices to the Moon

Twitter stocks reach more than 50 USD or soar 28% in New York as soon as the news of Elon Musk acquiring 9.2% stake in Twitter hits the market.

Tesla CEO and billionaire entrepreneur Elon Musk becomes the largest shareholder of Twitter after taking a 9.2% stake in it worth $2.9 billion.

Twitter's $31.5 billion market value is a fraction of what companies such as Tesla or rival social media giant Meta, the owner of Facebook and Instagram, are worth.

Unlike Musk, who owns more than 20% of Tesla, Dorsey's stake in Twitter is relatively modest, with only 2.3% of the company's shares.

He recently ran a Twitter poll asking his followers whether they believe Twitter rigorously adheres to the principle of free speech — 70% said no.

Musk had expressed support for Dorsey in the past when he was facing criticism from some shareholders.

Source: CNN