Elon Musk Buys 9.2 Percent Stake in Twitter, Sending Stock Soaring
The stake was valued at $2.89 billion in the context of the company’s closing price on Friday.
Twitter’s stock price soared during early morning trading on Monday, following Tesla Chief Executive Elon Musk revealed an over nine percent share in the company that makes social media.
At 7:25 a.m. ET, Twitter shares were up more than 24 percent, $48.81.
According to Musk, in a document filed with the Securities and Exchange Commission on Monday, Musk detailed holding nearly 73.5 million shares of Twitter, which represented a stake of roughly 9.2 percent.
The stake was valued at $2.89 billion in the context of the closing price of Twitter on Friday.
Musk has frequently used Twitter at times to express his opinions on diverse issues, including stock prices and Twitter itself.
Recently Musk has also questioned the free speech rights of Twitter and suggested that he might launch a social media company that he owns to form an opponent.
Twitter’s newly appointed CEO, Parag Agrawal, will receive a compensation package of over $30.3 million by 2021.
This was connected with his rise to the top position at the company, as the social media giant announced in a regulatory filing last week.
Announced in an official document this week.
Agrawal became the successor to Twitter founder Jack Dorsey late last year.
Dorsey was still on the Twitter board of directors following Agrawal’s appointment; however, he will be leaving at the end of his term this year.
Dorsey received a salary amount of $1.40 in 2021.
This is a reference to Twitter’s initial 140-character limit.
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