To become the largest shareholder, Elon Musk purchases a $2.9bn stake at Twitter
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The news caused the stock shares to soar by as high as 26% during pre-market trading. This added more than $8bn on top of its $31.5bn market capital before Musk’s public interest. Musk’s shares now have a value of $3.6bn after the stock price rise.
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Musk, who last week stated that he was considering building his own social media platform. He now has a stake four times greater than the 2.25% held by Jack Dorsey, the Twitter co-founder.
The 50-year old has a personal fortune of $289bn. This is almost $100bn more that Jeff Bezos, the Amazon founder. He has been in trouble for making contentious tweets.
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