Shares of social media companies including Meta Platforms, Inc. (NASDAQ:FB), Pinterest, Inc. (NYSE:PINS) and Snap Inc. (NYSE:SNAP) are trading higher in sympathy with Twitter, Inc. (NYSE:TWTR) after Elon Musk disclosed a 9.2% stake in the company.
Tesla, Inc. (NASDAQ:TSLA) CEO Elon Musk bought 73,486,938 Twitter shares with sole power to vote. The nearly $3 billion purchase reportedly makes Musk the largest Twitter shareholder.
Despite the recent strength, stocks continue to be volatile in recent weeks as investors continue to monitor the Russia-Ukraine conflict.
At the time of publication, Meta Platforms was trading about 3.9% higher at $233.66 per share, Snap was trading about 3.7% higher at $38.80 per share and Pinterest was trading about 8.2% higher at $26.85 per share.
