Elon Musk, the founder of Tesla and SpaceX has taken a 9.2% stake in Twitter according to a regulatory filing with the Securities and Exchange Commission.
Musk now owns 73.5 million Twitter shares valuing his passive stake in the company to $2.9 billion.
Twitter shares soared 26% in premarket trading after the filing. Musk tweeted that he is giving “serious thought” to building a new social media platform. Being a prolific user on Twitter he has 80 million followers on the platform since joining in 2009.
Musk now holds a stake in Twitter that is over four times larger than that of the social media platform’s founder Jack Dorsey. Dorsey holds a 2.25% stake in Twitter.