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Twitter shares jump 27% after Elon Musk takes 9.2% stake

Tesla CEO Elon Musk acquired a sizeable stake on social media Twitter. According to a Securities and Exchange Commission filing, Mush purchased 73,486,938 shares of Twitter, which represents a 9.2% stake in the company.

The said number of shares is worth $2.89 billion, based Twitter’s closing price Friday. Twitter stock surged more than 27%.

Musk has a total of 80.4 million followers on his Twitter account.’

(Photo source: Instagram – @elonmusk)