Tech billionaire and twitter aficionado Elon Musk bought a 9% stake in Twitter last Friday, growing a love affair which has seen the world’s richest man become one of the social media’s most followed users.
The stock acquired by Musk has a value of approximately $2.9 billion.
Musk has had a heady relation with twitter, with his penchant for off-the-cuff tweeting having had major impacts in stock prices. Friday’s acquisition was no different in that two weeks earlier Musk criticized twitter’s free speech principles on twitter, possibly depressing its stock. Twitter was up 24% on Monday.
In 2018 Musk was obliged t an agreement by the SEC in which he was required to have Tesla lawyers approve tweets that could be material to the company after he tweeted that he would take the company public at 4290 per stock, leading to an 11% rise in the company stock.