Tesla CEO Elon Musk bought about 9.2% stake in Twitter, according to a regulatory filing published Monday by the Securities and Exchange Commission.
The purchase is worth about $2.89 billion, the New York Times reports.
It also makes Musk the largest shareholder in Twitter, according to the Financial Times.
Jack Dorsey, co-founder of Twitter, holds a 2.25% stake in the company.
Musk’s move caused Twitter’s stock to surge more than 25% before the market opened on Monday.
Tesla shares rose slightly.
Musk’s net worth is about $273 billion and he’s considered the richest person in the world.
He has recently spoken up about Twitter’s moderation efforts, criticizing the platform for “failing to adhere to free speech principles fundamentally undermines democracy.”