Twitter shares rally 30% on Elon Musk’s acquisition of 9% stake

04/04/2022 Argaam

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Twitter’s shares jumped today, April 4, by almost 30% pre-market trade on American billionaire Elon Musk’s news of acquiring a passive stake in the social networking company.

 

Musk owns an estimated stake of 73.49 million shares, or 9.2%, in Twitter, valued at $2.89 billion, according to a US Securities and Exchange Commission (SEC) filing.

 

This comes days after the Tesla founder said he is giving “serious thought” to building a new social media platform.

 

In terms of pre-market trade on Wall Street, Twitter's stock rallied 29.79% to $51 at exactly 01:25pm Makkah time.

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