After considering building a social media platform, Tesla CEO and SpaceX founder Elon Musk has now becomes Twitter’s biggest shareholder after purchasing $2.89 billion worth of stake, according to a regulatory filing revealed on Monday by the Securities and Exchange Commission.
According to the SEC filing, Musk now holds a 9.2% passive stake in the social media giant. He owns 73,486,938 shares of common stock out of 800,641,166 Twitter shares. That means, Musk now owns nearly 10% of Twitter.
Twitter co-founder Jack Dorsey holds a 2.25% stake, according to Axios. Twitter shares surged about 26% in premarket trading after the news broke out that Musk bought Twitter shares.
This move comes after social media users told Musk to buy Twitter after he held a poll on the social media platform asking followers whether Twitter adhered to free speech or not.
