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Elon Musk Takes 9.2% Stake in Twitter After Hinting at Shake-Up

  • Tesla CEO has regularly questioned Silicon Valley giants
  • Twitter shares post biggest intraday surge since IPO in 2013
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Is Elon Musk About To Disrupt The Social Media Industry?
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Elon Musk took a 9.2% stake in Twitter Inc. to become the platform’s biggest shareholder, a week after hinting he might shake up the social media industry.

Twitter shares surged as much as 27% after Musk’s purchase was revealed Monday in a regulatory filing. The gain marked the stock’s biggest intraday increase since its first day of trading following the company’s 2013 initial public offering. The stake is worth about $2.89 billion, based on Friday’s market close.