Vanguard Group replaces Elon Musk as the largest shareholder of Twitter

Elon Musk, who is attempting to acquire Twitter for $43 billion, has lost his status as the company’s top shareholder. In early April, Elon Musk, the CEO of Tesla and SpaceX, announced that he had become Twitter’s largest stakeholder, with a 9.2 percent interest in the microblogging network.

However, he has lost the top rank, as asset management Vanguard Group recently disclosed in a filing with the Securities and Exchange Commission that its funds now possess a 10.3 percent investment in the firm, valued at $3.6 billion as of Friday’s closing.

According to the disclosure, Vanguard raised its position on Twitter during the first quarter. On Thursday, the world’s richest man announced a $43 billion take-or-leave offer for the whole firm.

Musk is the company’s largest individual shareholder, followed by Twitter co-founder Jack Dorsey, but he said on Thursday that he is not sure whether his takeover bid will be successful. ‘I am not sure that I will actually be able to acquire it’, Musk said while speaking at the TED2022 conference in Vancouver.

Musk stated that if his proposal is rejected, he has a Plan B, but did not specify what that plan would be. Musk said to TED’s Chris Anderson that he made the offer because he feels it is critical to have an inclusive arena for free expression.

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‘This is not a way to make money. My strong intuitive sense is that having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization’, Musk said.

Musk claimed his $54.20-per-share offer was his best and last offer in a letter to Twitter’s chairman on Wednesday. If the offer isn’t accepted, he says he will sell his large investment in the firm and go.

Twitter confirmed Thursday that it had received ‘an unsolicited, non-binding proposal from Elon Musk’ and added that it would ‘carefully review the proposal to determine the course of action that it believes is in the best interest of the company and all Twitter stockholders’.