Elon Musk Buys 9.2 Percent Stake in Twitter Worth $2.9 Billion

After asking his Twitter followers if a new social media platform is needed to uphold free speech, Elon Musk has become one of Twitter’s biggest shareholders.

Per a SEC filing on Monday, Twitter disclosed that Musk holds 9.2 percent of the social media network’s shares. He has yet to publicly acknowledge his shares in Twitter, but the SEC filing indicates he acquired the shares on March 14. When he purchased the 73,486,938 Twitter shares in mid-March, the value was just under $2.9 billion. However, following the news of Musk’s involvement, Twitter shares jumped 26 percent in pre-market trading. That means his purchase is now worth closer to $3.6 billion.

Additionally, Musk has been appointed to the board of directors for Twitter. “He’s both a passionate believer and intense critic of the service which is exactly what we need on @Twitter,” said CEO Parag Agrawal.

Last month, the Tesla CEO shared a poll on Twitter asking his followers if the social media network adheres to the principle of free speech. “Free speech is essential to a functioning democracy,” he wrote. “Do you believe Twitter rigorously adheres to this principle?” 70 percent of the voters chose “No,” even though current law dictates Twitter does not need to provide the right to free speech as a private entity.

“Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy,” he added. Curiously, Musk shared the tweets AFTER he purchased the shares.