Tesla CEO Elon Musk has taken a 9.2% stake in Twitter, potentially making him the biggest stakeholder in the social media platform.
Musk, who is known for being vocal on the social media site, has built a 9.2% stake in Twitter, according to filings made to the US Securities and Exchange Commission (SEC) on Monday.
The filing caused Twitter shares to soar 26% in premarket trading, which comes after Musk tweeted he was giving ‘serious thought’ to building a new social media platform.
Notably, Musk’s stake in Twitter is more than four times the 2.25% holding of Twitter’s co-founder Jack Dorsey.
Musk reportedly owns 73.5 million Twitter shares, taking his passive stake in the company up to $2.9 billion (£2.2 billion) based on the stock’s Friday close.
The 50-year-old entrepreneur has amassed over 80 million followers on the site since joining in 2009 and likes to cause a stir with his tweets.
However, he has also been openly critical of the social media platform and its policies of late.
