Elon Musk buys 9.2% stake in Twitter, becomes largest shareholder

Tesla CEO Elon Musk has acquired a 9.2% stake in Twitter, making him the largest shareholder of the microblogging platform.

The world's richest person bought nearly 73.5 million shares, according to a document filed with the US Securities and Exchange Commission (SEC).

Musk's shareholding is more than four times the 2.25% stake held by Twitter founder Jack Dorsey.

This comes days after Musk conducted a Twitter poll asking users if they believed Twitter rigorously adheres to free speech which is essential to a functioning democracy. Over 70% of users said 'no', the poll showed.

"The consequences of this poll will be important. Please vote carefully," Musk had tweeted last month.

The SpaceX founder then asked his followers what should be done given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy.

In another tweet, Musk asked: "Is a new platform needed?" The tweet has over 331,000 likes.

Based on Friday's market close, Musk's stake in Twitter is worth about $2.89 billion. Twitter's stock was up 25% in pre-market trading to $49.09.