Elon Musk has owned a 9.2% stake in Twitter, according to a US securities filing.
The news sent Twitter shares up about 25% in premarket trading.
The Tesla founder bought 73,486,938 Twitter shares on March 14, according to the Securities and Exchange Commission.
The stake is worth $2.89 billion (£2.20 billion) based on Twitter’s closing price on Friday.
Musk is a regular Twitter user with more than 80 million followers, although he recently said he’s “seriously considering building a new social media platform.”
Late last month, Musk asked his followers if they thought the social media platform encouraged freedom of expression.
“Freedom of expression is essential for a functioning democracy. Do you think Twitter strictly adheres to this principle?”
Then he asked: “Does it need a new platform?”
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