Elon Musk takes 9.2% stake in twitter

New Delhi: Businessman Elon Musk has taken a 9.2% stake in Twitter Inc. to become the platform’s biggest shareholder, a week after hinting he might shake up the social media industry.

Following this, shares of Twitter has increased 26% in premarket trading. The stake is worth $2.89 billion, purchased by Musk, reports said.

Musk, 50, took this move after last month’s polling on Twitter, asking user whether company adheres to the principles of free speech and 70% of people sais no in the survey.