Elon Musk recently purchased 9.2% of Twitter stock, according to a filing, making him the largest shareholder in the company. News of the purchase sent shares of Twitter soaring in early trading.
News of the purchase sent shares of Twitter soaring 22% in early trading. Musk did not disclose what he paid for the shares, but his stake was worth $2.9 billion as of the close of trading Friday, and $3.5 billion after the spike early Monday. Musk's filing did not disclose the purpose of the purchase or any plans for the company. But he has been a high-profile critic of Twitter policies in the past.
Twitter's recent turmoilTwitter founder Jack Dorsey stepped down as CEO last November in a sudden move without the kind of advance notice that typically is given with this type of leadership change. He was succeeded by Parag Agrawal, who had been chief technology officer. Musk had expressed support for Dorsey in the past when he was facing criticism from some shareholders.
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