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Shares of Twitter rose 25% in electronic transactions ahead of the opening of the Wall Street Stock Exchange after Tesla chairman Elon Musk bought a major stake in the social network. Shares of other social media companies, including Meta and Snap, which own the Snapshot processor, also rose.
Elon Musk, the world’s richest man, has bought about 73.5 million shares of Twitter’s common stock, or 9.2% of the company’s value, in the stock market, according to a document filed with the U.S. Securities and Exchange Commission.
The value of the billionaire’s investment reached about $ 2.9 billion, according to the company’s stock closing price on Friday.
Elon Musk uses Twitter regularly and has about 80 million followers. His posts and comments on the site are often controversial. In 2018, Musk released a tweet in which he said he had the funds to withdraw Tesla from the stock market, and his words were not substantiated. It should be noted that this deal makes Elon Musk the sole owner of the largest stake in Twitter.
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