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Elon Musk Buys 9.2% Passive Stake in Twitter

& Social Media Shares Surge 26%

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Elon Musk, the CEO of Tesla and SpaceX, is on his way to gaining control of Twitter, but not through his entertaining posts. According to a US Securities and Exchange Commission filing on Monday, the multibillionaire has a 9.2% passive ownership in the microblogging network.

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Based on Twitter's closing price on Friday, the stake is worth $2.89 billion (£2.20 billion).

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According to the Securities and Exchange Commission, the Tesla creator purchased 73,486,938 Twitter shares on March 14th.

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He now owns more than four times Twitter founder Jack Dorsey's 2.25 percent stake, making him one of the company's top stockholders.

Elon Musk - Set New Records

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