Elon Musk took a 9.2% stake in Twitter Inc. to become the platform’s biggest shareholder, a week after hinting he might shake up the social media industry.
Twitter shares surged as much as 27% after Musk’s purchase was revealed Monday in a regulatory filing. The gain marked the stock’s biggest intraday increase since its first day of trading following the company’s 2013 initial public offering. The stake is worth about $2.89 billion, based on Friday’s market close.
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.