Tesla CEO Elon Musk has taken a 9.2 percent stake in Twitter, according to a regulatory filing, becoming the social media giant's biggest individual shareholder just weeks after questioning the platform's attitude towards free speech.
News of the purchase sent Twitter shares soaring by over 20 percent in pre-market trading Monday, sharply boosting the value of Musk's stake.
Musk tweets regularly on the platform, where he has over 80 million followers.
In a follow-on tweet, Musk asked his followers to "vote carefully" as the "consequences of this poll will be important."
Over 2 million Twitter users weighed in, with 70.4 percent voting no.
A day later, sharing the results of the poll, Musk described Twitter as "the de facto public town square," adding that "failing to adhere to free speech principles fundamentally undermines democracy," before asking "what should be done?"
While Musk has not commented publicly on his purchase of Twitter shares and his filing did not reveal any plans he may have for the company, the purchase could signal an effort on his part to influence how the company is run.
While any stake of less than 10 percent is considered "passive," some analysts have suggested Musk is likely to seek change at Twitter.
“We would expect this passive stake as just the start of broader conversations with the Twitter board/management that could ultimately lead to an active stake and a potential more aggressive ownership role of Twitter,” Dan Ives of Wedbush Securities said in a client note on Monday.
Twitter has been repeatedly accused of censoring conservative viewpoints, claims the company denies.
On Jan. 2, Twitter permanently suspended Congresswoman Marjorie Taylor Greene's account for allegedly spreading COVID-19 misinformation.
Greene responded by calling Twitter “an enemy to America” and a company that simply “can’t handle the truth.”
Trump reacted to his Twitter suspension with a series of tweets from the @POTUS account, accusing the social media company's employees of conspiring with his political opponents.