Elon Musk Becomes Twitter s Largest Shareholder – The New York Times

On Monday, a regulatory filing with the Securities and Exchange Commission revealed that Mr. Musk, the billionaire chief executive of Tesla and SpaceX and the world s wealthiest person, had bought a 9.2 percent stake in Twitter, the social media platform where he has over 80 million followers. The purchase appears to make Mr. Musk Twitter s largest shareholder, ahead of the 8.8 percent stake owned by the mutual-fund company Vanguard and dwarfing the 2.3 percent stake of Jack Dorsey, Twitter s former chief executive.

Mr. Musk s Twitter investment, which he has been accumulating since at least last month, was worth about $2.89 billion based on the closing price of the company s stock on Friday. But by the end of Monday, after news of his buy-in sent Twitter s share price soaring more than 27 percent, it was worth about $3.7 billion. The shares are a fraction of Mr. Musk s reported $270 billion-plus net worth.

via www.nytimes.com

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