After Criticizing Twitter, Elon Musk Becomes Co-Owner

Tesla CEO Elon Musk, a vocal critic of Twitter, is now one of the social media website's biggest shareholders.

NBC News reports Musk purchased "about 9.2 percent of Twitter," a regulatory filing Monday (April 4) detailing stock purchases confirmed.

Musk, whose net worth is listed on the Bloomberg Billionaires Index at about $273 billion, making him the world's richest person, had stated that he'd given "serious thought" to purchasing stock in Twitter, which he posts on regularly, but claimed was "failing to adhere to free speech principles" which he claimed "fundamentally undermines democracy."

The billionaire's decision comes amid criticism from conservatives following Twitter's enforcement of its rules and a ban on former President Donald Trump based on his social media posts playing a role in the lead-up to the the January 6, 2021 insurrection.

Dan Ives of WedBush Securities said Musk's ownership stake purchase is believed to be a passive investment and he will become a long-term investor aiming to maximize his buying and selling shares.

However, given the stake purchase is a sizable share, as well as his recent criticism of the website, make some believe he is attempting to exert some control.

“We would expect this passive stake as just the start of broader conversations with the Twitter board/management that could ultimately lead to an active stake and a potential more aggressive ownership role of Twitter,” Ives wrote in a client note early Monday.

Twitter's stock rose by 25% prior to the stock market opening on Monday while Tesla's rose slightly upon news of Musk's purchase.