Twitter Inc TWTR shares are trading significantly higher Monday morning after Tesla Inc TSLA CEO Elon Musk disclosed a 9.2% passive stake in the social media company.
According to a 13G filing with the U.S. Securities and Exchange Commision, Musk bought 73,486,938 Twitter shares with sole power to vote. The nearly $3 billion purchase reportedly makes Musk the largest Twitter shareholder.
The move comes after Musk said he was seriously considering building a new social media platform, following a Twitter poll questioning the company's algorithm, suggesting it should be open source.
Related Link: Elon Musk Discloses 9.2% Stake In Twitter Weeks After Criticizing Algorithm: What You Need To Know
TWTR 52-Week Range: $31.30 - $73.34
The stock was up 20.5% at $47.37 at time of publication.
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