Elon Musk buys 9.2% stake in Twitter

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Tesla CEO Elon Musk.
Tesla CEO Elon Musk.

Tesla CEO Elon Musk has bought a 9.2% stake in micro-blogging platform Twitter.

Reuters reports the deal likely makes the South African-born Musk the biggest shareholder in the micro-blogging site and triggered a 23% rise in its shares.

It adds that Musk’s move comes close on the heels of his tweet saying he was giving a "serious thought" to building a new social media platform, while questioning Twitter's commitment to free speech.

According to the report, a filing showed Musk owns 73.5 million Twitter shares, valuing his passive stake in the company at up to $2.9 billion based on the stock's Friday close.

The shares are held by the Elon Musk Revocable Trust, of which he is the sole trustee.

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13 Aug
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