The stake was worth around $2.89 billion, based on the company's closing price Friday.
Twitter stock soared in premarket trading on Monday after Tesla CEO Elon Musk disclosed a more than 9 percent stake in the social media giant, making him one of its largest shareholders.
As of 7:25 a.m., Twitter shares were up more than 24 percent at $48.81.
In a filing with the Securities and Exchange Commission on Monday, Musk detailed about 73.5 million shares of Twitter, revealing that it amounts to a stake of about 9.2 percent. CNBC noted that this makes him the company's largest external shareholder. Musk's stake stood at about $2.89 billion based on the firm's Friday closing price.
The outspoken entrepreneur did not immediately share the reason for his investment.
However, Musk has frequently used Twitter, where he has more than 80 million followers, to comment on a variety of issues, including stocks and even Twitter. Recently, he has posted surveys asking respondents about Twitter's commitment to free speech and even suggested he was considering starting his own rival social media firm. .
"Given that Twitter serves as a de facto public town square, failing to adhere to free speech principles undermines democracy," Musk wrote in a recent post, before asking. "What should be done?" When someone suggested launching a rival, the businessman said he was "seriously considering" the idea.
Former President Donald Trump was removed from social media platforms following the January 6, 2021, Capitol riots and has launched his own networking platform, called Truth Social, which is itself a conservative-friendly version of Twitter & Co. Keeps it as an option. But a waiting list and technical glitches have been one of its challenges.
Twitter is now led by CEO Parag Agarwal, who received a compensation package of more than $30.3 million in 2021 driven by his promotion to the top post, as the social media firm revealed in a regulatory filing last week. . Agarwal replaced co-founder Jack Dorsey at the end of last year. Dorsey remains on Twitter's board, but will leave when his term ends this year. He was paid $1.40 in 2021, in reference to Twitter's famous original limit of 140 characters per post.