Tesla Inc (NASDAQ: TSLA) CEO Elon Musk’s move to acquire a 9.2% stake in Twitter Inc (NASDAQ: NYSE:TWTR) led to a spike in the social media company’s shares. Here’s how much Musk made in just one single day after the news broke.
The Twitter Play: On Monday, it was revealed that Musk purchased 73,486,938 shares of the Jack Dorsey-founded platform. Considering the closing price of $39.31 on Friday, the stake was valued at nearly $2.89 billion on that day.
See Also: How To Buy Twitter (TWTR) Shares
The Twitter Gain: Twitter shares jumped 27% to $49.93 in the regular session on Monday, according to data from Benzinga Pro.
Based on Monday's close, the shares bought by Musk would now be worth nearly $3.67 billion.
All in all, Musk has gained $780.43 million in just one day.
Expect An Active Musk: Experts and investors alike expect Musk’s stake in Twitter to be an active one.
Wedbush analyst Dan Ives said he expects Musk to grow his influence over the platform through conversations with Twitter’s management and board.
Twitter Price Action: Twitter shares rose another 1.2% in the after-hours session to $50.52. On the same day, Tesla shares closed 5.6% higher at $1,145.45.
Read Next: The 7 Most Tweeted Topics By Elon Musk: How Do Tesla, SpaceX, Bitcoin And Dogecoin Rank?
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