Twitter’s stock soared more than 25 percent after news of the Tesla boss Elon Musk purchased a major stake in the social network.
According to a document filed with the US Securities and Exchange Commission, Musk acquired nearly 73.5 million Twitter shares — a 9.2-percent stake in the company.
While Twitter is not large enough in terms of capitalization to impact the wider market, market analyst Patrick O’Hare said the move has bolstered sentiment.
Patrick in his words also said “What the market is really responding to is the timing of Musk’s purchase and the supposition that it is an encouraging signal that longer term investment opportunities might be availing themselves now in former high flying stocks”.
