Musk takes 9.2% stake in Twitter, its shares up 28%

Twitter shares rose about 28% in pre-market trading after a 13G filing revealed Elon Musk has taken a 9.2% passive stake in the social media company, Report informs referring to foreign media.

Twitter shares were last up 28.49% in at $50.51 in pre-market trading following the news.

The world’s richest man bought nearly 73.5 million shares, a document filed with the US Securities and Exchange Commission shows.