Billionaire Elon Musk had become the social media platform’s biggest shareholder.

Musk, the chief executive of Tesla , acquired a 9.2% stake in Twitter

Twitter stock surged 27% on Monday, and was extending its gains on Tuesday, gaining 6.1% to $53.09.

He downgraded the stock to Neutral from Buy on Tuesday, but maintained a $49 price target.

Brent Thill said that while he wasn’t betting against Musk, he wondered about the rationale behind his investment

In his view, one of the main motives could be to influence Twitter’s moderation policies

For Jefferies’ Thill, a major focus going forward is whether Twitter could progress toward its goal

goal of amassing more than $7.5 billion in revenue and over 315 million monetizable daily active users by fiscal 2023

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