Trending Stocks on Tuesday: Top 5 Gainers

3. Twitter, Inc. (NASDAQ:TWTR) has soared 3% as of 12:17 PM ET after the stock price of the company closed up more than 27% yesterday after Tesla, Inc. (NASDAQ:TSLA) founder and CEO Elon Musk revealed a 9.2% stake in Twitter, Inc. (NASDAQ:TWTR).

The stock is further rising today after it was reported that Elon Musk would serve on the Board of Directors of Twitter, Inc. (NASDAQ:TWTR) as a Class II director. His term will come to an end at the annual shareholder’s meeting in 2024. As a member of the Board, Musk can own, at most, a stake of 14.9% in Twitter, Inc. (NASDAQ:TWTR). Musk also tweeted that he intends to work closely with the current CEO Parag Agarwal and the rest of the Board to make significant improvements to the company in the coming months. As of Q4 2021, Twitter, Inc. (NASDAQ:TWTR) was held by 83 hedge funds.