Elon Musk Takes 9% Stake In Twitter, Sends Price Rising By 23%
Elon Musk has disclosed that he has acquired a 9% stake in Twitter Inc., turning one of the social-media company’s most famous users into its largest shareholder, Will Feuer, and Sarah E, Needleman reported for Wall Street Journal (WSJ).
Photo Insert: The surprise move by Elon Musk sent Twitter’s stock up 23% in early Monday trading.
Earlier, Musk declared that he was contemplating organizing a social media company to rival Twitter, Facebook, and YouTube, sending the market into a tizzy just after he muscled his way into establishing a gigafactory in Germany, the only one owned by Tesla in Europe.
The surprise Musk move sent Twitter’s stock up 23% in early Monday trading, pushing the market to bet on the company despite intensifying scrutiny by the European Union (EU) and individual Western nations on violations of privacy policies and market abuse, including commissions on ads and apps.
WSJ said 2021 had been a banner year for Musk as he wiggled his way out of supply chain issues that reduced electric vehicle (EV) production in China, the biggest producer of Tesla cars, and made hay with his controlled companies SpaceX and Starlink.