Technocrat Media
Elon Musk, a billionaire and founder of Tesla Inc emerged as the largest shareholder of the Twitter company, the microblogging site.
He made this achievement after buying 9.2 percent shares of the company.
The US Securities and Exchange Commission document on Monday shows how Musk acquired 73,486,938 Twitter shares.
According to TheCable, the shares of the billionaire are held by the Elon Musk Revocable Trust, of which he is the sole trustee.
Mr Musk’s stake in the company is now worth $2.89 billion according to Twitter’s closing price on Friday.
With this development, Mr Musk will be competing with Vanguard, BlackRock, and State Street Corporation as top shareholders of Twitter.
Following the news, Twitter’s shares rose by 25.8 percent to $49.48 in pre-market trading on Monday.
Refinitiv data shows Musk’s 9.2 percent Twitter stake makes the billionaire the largest shareholder in the company.
Mr Musk’s stake has quadrupled the shares of Jack Dorsey, the founder of Twitter who owns a 2.25 percent stake.
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