Tesla CEO Elon Musk now owns a 9.2% passive stake in Twitter, holding 73,486,938 shares worth $2.89 billion based the social network’s closing price on Friday.
According to the Securities and Exchange Commission, Musk is now one of the biggest shareholders in Twitter, with a larger stake in the company than the former CEO of Twitter, Jack Dorsey.
The stake acquisition comes less than two weeks after Musk hit-out at Twitter, questioning whether the platform adheres to free speech principles.
While the take is passive, it could lead to more input from Musk on the running of the company in the future, with Twitter’s stock is up 25 per cent in pre-market trading to $49.09.
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