Tesla Chief Executive Elon Musk has acquired a 9.2% share in Twitter, a U.S. securities filing reported Tuesday.
Subsequently, Twitter's stock rose by more than 27% in New York trading on Monday.
Attested by the Securities and Exchange Commission, the Tesla founder possessed 73,486,938 shares on the social media site as of March 14.
Based on Twitter's Friday closing price, the stake is worth $2.89 billion. With a stake of more than four times that of Twitter founder Jack Dorsey's 2.25%, Musk becomes the company's largest stakeholder.
According to Fortune, Musk is the world's wealthiest person, with a net worth of over $288 billion; second place goes to Amazon founder Jeff Bezos, who has a net worth of $189 billion.
Musk, who has over 80 million Twitter followers, recently said that he is considering launching a new social media platform.
Musk asked his Twitter followers late last month if Twitter strictly adheres to the principle of free expression; 70% of the 2 million users who voted responded no.
In a tweet, he posted, "Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?"
Further, Musk retweeted this message on March 26, "Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy. What should be done?"
The billionaire utilizes Twitter to keep his followers up to date on the companies he owns, such as SpaceX and Neuralink.
He is also known for posting memes, which adds to his fan base. However, some of the posts have sparked debate.
He tweeted last year in response to a claim by the United Nations World Food Programme's (WFP) chief that only 2% of Musk's fortune could assist in ending world hunger.
Musk stated in October that he would sell $6 billion in Tesla stock and donate it to the World Food Programme if the organization could explain just how $6 billion will alleviate world hunger.
Last autumn, Musk's Tesla vehicle company surpassed a market value of $1 trillion, making it the fifth company after Apple, Microsoft, Amazon, and Alphabet, the parent company of Google.
Soon after, he took to social media to ask users if he should sell a 10% interest in Tesla. More than 3.5 million Twitter users responded, with approximately 58% in favor of the stock sale, resulting in Musk selling around $5 billion in shares in November.
