Why Twitter Stock Exploded Higher Monday
Shares of Twitter (NYSE: TWTR) charged sharply higher to start the week, surging as much as 26.6%. As of 10:47 a.m. ET, the stock was up 25.84%.
The catalyst that sent the social media stock higher was word that Tesla (NASDAQ: TSLA) CEO Elon Musk had taken a surprisingly large stake.
A regulatory filing that dropped Monday morning revealed that Musk had acquired more than 73 million shares of Twitter stock, which amounted to a 9.2% stake, making him the company's largest shareholder. Based on Friday's closing price, Musk's stake was worth roughly $2.89 billion.
Source Fool.com