Twitter shares soar
According to a document filed with the US Securities and Exchange Commission on April 4, billionaire Musk bought nearly 73.5 million shares. Twitter, equivalent to 9.2% of the company’s shares. Musk’s investment is worth about $2.9 billion.
On paper, these shares are owned by the Elon Musk Revocable Trust fund of which Elon Musk is the only member.
Twitter’s share price jumped 27.1 percent to $49.97 a share, after billionaire Musk became the company’s largest shareholder. While shares of other social networking companies such as Meta Platforms and Snap Inc also improved.
Market analyst Patrick O’Hare said that while Twitter isn’t strong enough in terms of capitalization to impact the broader market, the move has boosted sentiment on the exchange.
“What the market is really responding to is the timing of Mr. Musk’s stock buying and they’re assuming that’s an encouraging long-term signal for potential investment opportunities,” said Patrick O’ Hare said.
Earlier, billionaire Musk shared on his personal account that he is seriously thinking about building a new social networking platform.
Elon Musk has been a “Twitter citizen” since 2009 and uses this platform as a channel to convey personal views on social issues, cult figures or business directions. Billionaire Musk currently has more than 80 million followers on Twitter.
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