Twitter shares soared nearly 23% after Elon Musk acquired a 9.2% stake in the company, making him the largest outside shareholder, according to a report by CNBC on Monday.

  • Musk holds 73,486,938 shares of Twitter, accounting for a 9.2% passive ownership in the company. The stake is valued at $2.89 billion, depending on Twitter’s closing price on Friday.
  • The Musk stock purchases emerged less than two weeks after Musk criticized the company for compliance with free speech principles.
  • Late last month, Musk was mulling building a new social media platform.
  • Even though it is categorized as a passive stake, investors were bidding shares higher on the possibility that this could lead to something more.
  • Dan Ives, analyst at Wedbush, stated that Musk might try to take a more aggressive position on Twitter and eventually push for some type of buyout.

Musk is a regular user of Twitter and has over 80 million followers on the social media platform. TWTR: NYSE is up 22.87%, Pre-market trading