Alon Musk Acquires 9.2% of Twitter – Notice of Acquisition Sent to US Securities and Exchange Commission (SEC). Twitter stock responds with a jump of over 20% in pre-trade. Musk bought 73.5 million shares of Twitter for $ 2.89 billion, according to the company’s share price in New York on Friday.
Musk is the richest man in the world with $ 270 billion in equity. The report comes a few days after Musk tweeted that he is “seriously considering” setting up a new social network and that Twitter is not behind its commitment to full freedom of expression.
Twitter is traded on the New York Stock Exchange and it closed on Friday at a value of $ 31.5 billion, having lost 38% since the beginning of 2022. Musk’s Tesla is traded on the Nasdaq at a value of $ 1.12 trillion.
The value of Twitter shares did not help market volatility in the first quarter – nor did the announcement by CEO and founder Jack Dorsey last November, of his intention to retire – after nearly 16 years in office. His successor is Chief Technology Officer (CTO) Parag Agrawal. Agarwell, who has served in the role since 2017, has been working on Twitter for more than a decade.