The social network's shares soared in Monday morning trading after it was revealed that Musk had purchased a 9.2% stake.
Musk's 73,486,938 shares make him the largest shareholder in the company, but they were worth less than the world's richest man.
Musk has over 80 million followers on the micro-messaging service, making him one of its most famous users. Musk was found not liable in a defamation trial after he called a British cave explorer a pedo guy.
He was fined $20 million by the Securities and Exchange Commission for misleading investors. The run-in with the SEC resulted in Musk needing to have some of his posts screened by the lawyers of the company.
In the last few weeks, Musk has criticized the social media platform for failing to adhere to free speech principles and even said he was considering building a new social media platform.
It remains to be seen what impact Musk's ownership will have on the social network. Musk's ownership stake is passive, meaning that he is a regular stockholder and does not have any involvement with the company.
Analysts liked the idea that Dan Ives could eventually try to buy the company.
"This makes sense given what Musk has been talking about, at least from a social media perspective," said Ives on CNBC.
The social network's stock spiked more than 20% Monday morning.
If you invested $1,000 five years ago on April 4, 2017, your investment would be up 236.7% as of Monday at 11:55 a.m., according to CNBC calculations.
If you had invested at the IPO price, it would be worth less. The same $1,000 investment made in November of last year would be worth $1,902 as of Monday morning.
The S&P 500 index grew over the two time periods.
Past returns of an individual stock do not predict future results despite the growth of the company. Before investing, make sure to research your options.
Buy low-cost index funds and hold onto them instead of trying to predict which stocks will go up and which will go down. The ups and downs that come with picking single stocks are avoided by this type of diversified fund.
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