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Musk appointed to Twitter’s board of directors, pushes for edit function

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Elon Musk has put his money where his mouth is, to become Twitter’s major shareholder by buying a 9.2% stake for $2.9bn – sparking an immediate $8bn boost in the platform’s share value.

His first move was to ask his 80mn followers if they want an edit button, which new Twitter CEO Parag Agrawal retweeted with a warning that “the consequences of this poll will be important”.

Twitter’s stock soared by more than 25 per cent in pre-market trade on Wall Street Monday, after Tesla boss Elon Musk took a major stake in the social media company.

According to a document filed with the US Securities and Exchange Commission, Musk acquired nearly 73.5 million Twitter shares — a 9.2 per cent stake in the company.

Based on Friday’s closing price of the company’s stock, the South African-born billionaire’s investment amounts to nearly $2.9 billion.

At 11:15 GMT, Twitter’s stock was trading at about $49, up by around 26 per cent.

Musk, who is the world’s richest man and CEO of electric car manufacturer Tesla, is a frequent user of Twitter, posting missives and announcements that often generate controversy.

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