Twitter shares have increased by a quarter after it was revealed that Tesla billionaire Elon Musk had purchased a 9.2 percent stake.
According to a regulatory filing, the tycoon purchased 73,486,938 Twitter shares.
Based on Twitter’s closing price on Friday, the stake is worth $2.89 billion (£2.2 billion).
Musk is a frequent Twitter user with over 80 million followers, but he has recently been critical of Twitter’s approach to free speech and stated that he is giving “serious thought” to building a new social media platform.
His own use of the platform has previously gotten him into trouble.
Musk is currently engaged in a legal battle to free himself from the constraints imposed by a deal he struck with US regulators in 2018 that requires him to have his tweets about Tesla pre-approved by a lawyer in order to avoid violating rules governing the disclosure of market sensitive information.
Musk signed an agreement with the US Securities and Exchange Commission (SEC) after tweeting that he had secured funding to take the company private for $420 (£325) per share.
