Elon Musk to acquire 9.2% stake in Twitter

Tesla CEO Elon Musk is taking a 9.2 percent stake in Twitter and has purchased approximately 73.5 million shares. Musk's stake in Twitter makes him a long-term investor that is looking to minimize his buying and selling of the shares.

In addition to raising questions about freedom of speech on Twitter, Musk said that he was giving serious thought to creating a new social media platform. Musk has been raising questions about the ability to communicate freely on Twitter, tweeting last month about free speech and the social media platform.

He also started a poll asking Twitter users if they want an edit button, a long-awaited feature on which the social media platform has been working. In less than three hours of starting the poll, more than 1.2 million users voted, with over 75% of them backing an edit option.

Shares of Twitter soared 26 percent in premarket trading after the filing. Musk has over 80 million followers on the site since joining and has used the platform to make several announcements. Musk is also the founder and CEO of SpaceX, and leads brain-chip startup Neuralink and infrastructure firm The Boring Company.

Musk's revelation about his stake in Twitter shares comes two days after Tesla posted lackluster first-quarter production numbers. The company delivered 310,000 vehicles in the period; the figure was slightly below expectations.