Elon Musk has taken a 9.2% stake in Twitter Inc., a week after hinting about plans to shake up the social media platform.
Twitter shares rose about 26% in pre-market trading, after a regulatory statement Monday on Musk buying the stake.
Musk, 50, polled his more than 80 million followers on Twitter last month, asking them whether the company adheres to the principles of free speech. After more than 70% said no, he asked whether a new platform was needed and said he was giving serious thought to starting his own platform.
Musk has been one of the biggest personalities on Twitter, and has regularly run into trouble on the platform. The Tesla Inc. chief executive officer is currently seeking to exit a 2018 deal with the U.S. Securities and Exchange Commission which limits his Twitter posts about the electric car maker.
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