Keep an eye on Twitter (TWTR).
In pre-market, the stock is up another $4.61 to $54.62. Just yesterday, the stock gapped higher by $10.66. All after billionaire Elon Musk took a 9% stake in the social networking company.
According to CNBC, “Musk owns 73,486,938 shares of Twitter, which represents a 9.2% passive stake in the company, according to a Securities and Exchange Commission 13G filing released Monday. The stake is worth $2.89 billion…”
Musk is also joining Twitter’s Board of Directors, which could bring big improvements.
“Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board,” CEO Parag Agrawal said. “He’s both a passionate believer and intense critic of the service which is exactly what we need on Twitter, and in the boardroom, to make us stronger in the long-term.”
While Musk’s filing did not disclose the purpose of his massive buy, there’s speculation he could make big changes, in an effort to create a new social media platform. “Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy,” Musk tweeted in March. “What should be done?”