Tesla CEO Elon Musk has taken a 9.2% stake in Twitter, purchasing approximately 73.5 million shares, according to a regulatory filing today.
Musk’s stake in Twitter is considered a passive investment, which means Musk is a long-term investor who’s looking to minimize his buying and selling of the shares.
Yet in recent weeks, Musk has raised questions about free speech on Twitter and asked whether failing to adhere to its basic principles undermines democracy.
He has also pondered starting up a rival social media network, and industry analysts were skeptical about whether the mercurial CEO would remain on the sidelines for long.
Twitter’s stock surged 25% before today’s opening bell.
Musk has said that he was “ giving serious thought” to creating a rival social media platform and has clashed repeatedly with financial regulators about his use of Twitter.
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