JUST IN: Elon Musk is taking a 9.2% stake in Twitter, according to regulatory filing.
Musk’s stake in Twitter is considered a passive investment, which means Musk is a long-term investor who's looking to minimize his buying and selling of the shares. But the sizable stake, along with Musk's recent comments, indicate that he could be looking to exert some control of the company.
Twitter’s stock surged more than 25 percent before the market open on Monday, while shares of Tesla rose slightly.Early last month, Musk asked a federal judge to nullify a subpoena from securities regulators and throw out a 2018 court agreement in which he had to have someone pre-approve his posts on Twitter. At the time, U.S.
Musk’s revelation about his stake in Twitter comes two days after Tesla Inc. posted lackluster first-quarter production numbers. While the company delivered 310,000 vehicles in the period, the figure was slightly below expectations.
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