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Why Twitter Shares Are Trading Higher Today

Published 05/04/2022, 13:42
Updated 05/04/2022, 14:41
Why Twitter Shares Are Trading Higher Today
TWTR
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Twitter Inc (NYSE: NYSE:TWTR) shares are trading higher Tuesday after the company announced that Tesla Inc (NASDAQ: TSLA) CEO Elon Musk will be appointed to Twitter's board.

According to a Form 8-K filing with the U.S. Securities and Exchange Commission, Twitter will add Musk to its board of directors to serve as a Class II director with a term expiring in 2024 at the company's annual shareholder meeting.

As long as Musk serves on the board, he will not be allowed to own more than 14.9% of Twitter's outstanding stock.

On Monday, Musk disclosed a 9.2% passive stake in the social media company. Musk purchased 73,486,938 Twitter shares with sole power to vote for nearly $3 billion, making the Tesla CEO the largest Twitter shareholder.

See Also: 18 Stocks Moving in Tuesday's Pre-Market Session

TWTR 52-Week Range: $31.30 - $73.34

The stock was up 5.54% at $52.75 at press time, according to data from Benzinga Pro.

Photo: Stock Catalog from Flickr.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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