Elon Musk buys large stake in Twitter
Elon Musk has bought a 9.2% stake in Twitter, according to a regulatory filing published Monday by the Securities and Exchange Commission.
Why it matters: Musk recently told his around 80 million Twitter followers he's giving "serious thought" to building a social media platform to rival Twitter, which he criticized for "failing to adhere to free speech principles."
By the numbers: Twitter shares jumped more than 25% in premarket trading after news of Musk's purchase broke.
- Musk's 9.2% stake is equivalent to 73,486,938 shares of Twitter common stock and is worth $2.89 billion based on the company's closing price Friday.
- The stake would make Musk the company's largest shareholder, per the Financial Times. Twitter co-founder Jack Dorsey holds a 2.25% stake.
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