Elon Musk buys 73.5 million shares of Twitter’s stock, becoming biggest stakeholder

Tesla CEO Elon Musk acquired a 9 percent stake in Twitter to become its largest shareholder at a time

The ultimate aim of Musk’s 73.5 million share purchase, worth about $3 billion, is not known.

Yet in late March Musk, who has 80 million Twitter followers and is very active on the site, questioned free speech on Twitter and whether the platform is undermining democracy.

It’s unclear just when Musk bought the stake. A U.S. Securities and Exchange Commission filing made public on Monday says the event triggering the filing happened March 14.

Musk could begin advocating for changes at Twitter immediately if he chooses.

CFRA Analyst Angelo Zino wrote that although Musk’s intent is unclear, Twitter could be viewed as an acquisition target because the value of its shares have been falling since early last year.

Jack Dorsey stepped down as CEO in November. Musk’s stake in Twitter more than four times the size of Dorsey’s.

Musk could see Twitter as an investment with big growth ahead, or he could have noninvestment reasons for the purchase.

No CEO would refuse to take a call from the company’s top shareholder, so the purchase gives Musk access to Twitter’s top management.