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Elon Musk becomes largest shareholder in Twitter

Elon Musk becomes largest shareholder in Twitter

Elon Musk has purchased a 9.2% stake in Twitter, becoming the biggest shareholder in the company, CNN reported, citing a filing published by the business magnate.

The value of the transaction has not been disclosed, but Musk’s stake was worth $2.9 billion at the close of Friday’s trading session, and $3.5 billion at Monday’s session opening.

At the beginning of Monday’s trading session, Twitter’s stock soared 22%, backed by the acquisition news.

The filing did not mention any details regarding the purpose of the purchase or any future plans for the company.

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