Elon Musk Buys Stake In Twitter, Becomes Largest Shareholder

The billionaire now holds a 9.2% stake in the micro-blogging platform.

Twitter’s share price jumped 26% in pre-market trading on Monday after a Securities and Exchange Commission (SEC) filing revealed that Tesla CEO Elon Musk has taken a 9.2% passive stake in the social media company.

The stake is worth $2.89 billion, based on Twitter’s closing price on Friday. The filing shows that Musk made the purchase on March 14 and he now owns 73,486,938 shares.

The move could eventually could lead to a buyout if Musk tries to take a more aggressive stance.

A frequent user of the platform, Elon Musk has more than 80 million Twitter followers. Last week, the billionaire revealed he was thinking about creating a social media platform because Twitter is “failing to adhere to free speech principle.”

Users this morning have been urging him to press for the reinstatement of the Twitter-suspended @BabylonBee account, one of Musk’s favorites, as well as that of accounts of banned conservatives and Pres. Donald Trump.

As Steve Scalise pointed out in a March 28 tweet:

Trump can’t tweet.
But the Kremlin can.

The Babylon Bee can’t tweet.
But the Chinese Communist Party can.

Members of Congress can’t tweet.
But the Ayatollah & Taliban can.

For comparison to Elon Musk’s 9.2% stake, Jack Dorsey reportedly has only a 2.25% stake in the company he founded.

On March 25, Musk ran the above poll on Twitter.