Elon Musk becomes Twitter's largest shareholder
The Tesla CEO has acquired a 9.2% stake in Twitter, a US stock filing shows.
The announcement sent Twitter shares soaring more than 27% in New York trading on Monday.
According to the Securities and Exchange Commission, as of March 14, the Tesla CEO owned 73,486,938 shares of the social media platform.
The stake is worth $2.89 billion (£2.2 billion) based on Twitter's closing price on Friday.
This makes him the company's largest shareholder, holding more than four times Twitter founder Jack Dorsey's 2.25% stake.
Musk is a regular Twitter user with more than 80 million followers, although he recently said he's "seriously" considering building a new social media platform.
Late last month, Musk asked his followers if they thought the social media platform promoted freedom of expression.
"Freedom of expression is essential for a functioning democracy. Do you think Twitter consistently adheres to this principle?"
Then he asked, "Is a new platform required?"