Tesla and SpaceX founder Elon Musk has purchased a 9.2 per cent stake in social media company Twitter, driving the company’s share value up by 28 per cent. Mr Musk bought nearly 73.5 million shares, worth about $2.89 billion, making him Twitter’s largest shareholder. 

A regulatory document filed with the U.S. Securities and Exchange Commission showed that Mr Musk had taken a passive stake in the social media company.

In March, Mr Musk said he had considered building a new social media platform after criticising Twitter’s policies regarding free speech and scrutiny by Tesla’s investors and regulators. 

In February, Mr Musk called out the SEC, accusing the regulator of “harassment” trying to “chill” his right to free speech.

In November, Mr Musk was summoned by the U.S. Securities and Exchange Commission after Mr Musk put out a poll on Twitter, asking his 80 million followers if he should sell 10 per cent of his stake in Tesla. 

They voted yes, causing shares to fall.

The SEC told the court that Mr Musk’s comments about Tesla on Twitter would remain a reasonable subject for a government investigation.