Tesla Chief Executive Elon Musk now owns a 9% stake in Twitter, making him reportedly the largest shareholder in the social network.

According to filings made to the US Securities and Exchange Commission (SEC) on Monday, the Tesla CEO now owns 73,486,938 shares of Twitter — valued at almost $2.9 billion — which represents a 9.2% passive stake in the company. Shortly after the news broke, Twitter shares jumped by more than 20% up to $48.38.

The move comes after Musk tweeted he was giving a "serious thought" to developing a new social network, raising questions about Twitter's efforts to adhere to freedom of speech.

In the meantime, Twitter's Co-Founder and ex-CEO Jack Dorsey doubted that Web3-related initiatives have any chance to solve problems that have become an integral part of Web2:

Answering Reddit's Co-Founder Alexis' opinion that "Web3 fixes this," Dorsey pointed out that Web3 is basically the same idea as Web2, but under "different words." Dorsey has been one of the Web3 haters for a long time now. Last December, he stressed that Web3 will eventually be consumed by smart money like VCs and liquidity providers, pointing to big investors like a16z.

Read also: Reddit Co-Founder Backs $200M Initiative for Web3 Social Media