Twitter shares shoot up 25% after Elon Musk discloses he's taken a 9.2% stake in the social-media giant

• Shares in Twitter jumped almost 25% on Monday after Elon Musk disclosed he's taken a stake.
• Musk bought 73.5 million shares for a 9.2% stake in the social-media giant, an SEC filing showed.

Twitter shares soared almost 25% on Monday after Elon Musk disclosed he'd taken a big stake in the social-media company.

The billionaire investor bought 73,486,938 shares of Twitter stock for a 9.2% stake in the company, a Securities and Exchange Commission filing showed. The holding is worth about $2.9 billion, based on the stock's closing price of $39.31 Friday.

Twitter's stock was up 21% at $47.55 by 9:55 a.m. ET on Monday, having rallied as much as 25% in premarket trading.

Recently, Musk criticized Twitter and suggested he might create his own social-media platform.

"Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?" Musk tweeted in a March 25 poll.

Musk followed this up with a series of tweets the next day, writing: "Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy. What should be done?"

When a Twitter user suggested he create his own social-media platform, Musk responded, "Am giving serious thought to this."

Musk has run into issues with the SEC over his use of Twitter.

In 2018, the SEC charged Musk with misleading investors after he tweeted that he was "considering taking Tesla private at $420" per share.

Musk and Tesla settled the charges, and as part of a settlement with the SEC, Tesla was required to approve any of Musk's tweets that contained information that could affect the company's stock price.

Musk wants this part of the agreement scrapped, saying in a recent filing that it violates his free speech and is grounds only for a "continuing and harassing investigation."

But earlier this month, the SEC said it wouldn't drop this part of the agreement.