Does Elon Musk own Twitter now?

According to a filing Monday, Elon Musk recently purchased 9.2 percent of the Twitter stock, making him the company’s largest shareholder.

Twitter (TWTR) stock soared 22% in early trading after the transaction was announced. Musk did not say how much he paid for the stock, but it was worth $2.9 billion as of Friday’s closing, and $3.5 billion following the early Monday rise.

The objective of the purchase, as well as any future ambitions for the company, were not disclosed in Musk’s filing. However, he has previously been a vocal critic of Twitter’s regulations. He revealed last month that he was considering developing a new social media platform.

Musk tweeted last month. “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.”

When an investor purchases 5% or more of a company’s stock, they must report the transaction to the Securities and Exchange CommissionAlthough a holding of less than 10% in a firm is considered “passive” by Wall Street, it could indicate Musk’s desire to play a more active holding role in twitter’s management.

This is one of the causes that prompted other investors to acquire shares early Monday, causing the price to rise.

“I think he intends to go active and force change at Twitter,” said Dan Ives, tech analyst as Wedbush Securities. “This is a shot across the bow at Twitter’s board and management team to start discussions.”