Elon Musk acquired a 9.2% stake in Twitter, the BBC reported. The news caused a sharp jump in the company’s shares by 25%.
The founder of Tesla bought 73,486,938 shares in the social network on March 14, BNT reports. They are worth a total of 2.89 billion dollars.
The billionaire is a regular user of the social network and has over 80 million followers.
The purchase of shares in the company comes amid recent statements by Musk that he is “seriously considering” setting up his own social communications platform.
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