Elon Musk now owns a piece of Twitter.
According to a Securities and Exchange Commission filing, the Tesla CEO took a 9.2% stake in the social media platform on March 14.
Bloomberg said Monday that the stock purchase makes Musk the biggest shareholder of Twitter.
Based on Twitter’s closing price on Friday, CNBC estimates that the shares are worth $2.89 billion. Twitter’s stock skyrocketed by over 27% by Monday, taking it to 49.97.
Musk is a popular figure on the social media platform, where he expresses himself freely and has caused many cryptocurrencies and stocks to rise and fall with 280 characters or less.
On March 25, Musk posted a poll to his account to ask his followers if they thought Twitter “rigorously adheres” to he polled his 80.2 million followers, asking if they thought Twitter “rigorously adheres” to the code of free speech. Over 70% voted no.
The next day, Musk followed up with another question asking if a new platform was needed stating he was “giving serious thought” to creating one. These polls came two weeks after he bought a stake in Twitter, and it’s unclear what his direction is.
Speculation has begun around his plans for the platform, but Twitter has not publicly commented on the stock purchase, and the only thing Elon Musk has said is “Oh hi lol” in a tweet on Monday, April 4.
