Elon Musk is taking a 9.2% stake in Twitter, according to a regulatory filing. Twitter Inc. in the filing said Musk owns 73.5 million shares of common stock in his personal capacity.
The Tesla and SpaceX founder had recently said that he is giving “serious thought” to building a new social media platform.
Musk's stake in Twitter is considered a passive investment, which means Musk is a long-term investor that's looking to minimise his buying and selling of the shares.
Post the news, Twitter's stock surged more than 25% before the market open on Monday, while shares of Tesla rose slightly.
Musk had earlier targeted the microblogging platform for free speech and he even put out a tweet asking users if they believe Twitter adheres to the principle of free speech.
Musk's revelation about his stake in Twitter shares comes two days after Tesla Inc. posted lackluster first-quarter production numbers. While the company delivered 310,000 vehicles in the period, the figure was slightly below expectations