Elon Musk, the richest man in the world, is no longer the main shareholder of Twitter. This place was taken by the Vanguard group, one of the largest fund managers in the world.
The group has now become the largest shareholder in the social media company after increasing its stake to 10.3% from 8.8%, the WSJ reported citing a filing with the US Securities and Exchange Commission (SEC). United.
Vanguard now owns 82.4 million shares in Twitter, making its stake in the company worth $3.78 billion based on the latest share price.
Musk, CEO of Tesla and SpaceX, had become Twitter’s largest shareholder after buying a 9.2% stake in the company, according to April 4 regulatory filings. He had bought 73.5 million Twitter shares.
He later reduced his holdings to 73.1 million shares, or 9.1%. Musk had paid $2.64 billion to buy the shares at a weighted average price of $36.157. However, with Twitter shares reaching $45 each, its stake is now worth more than $3 billion.
The latest information comes a day after Musk made an unsolicited bid to buy Twitter, at a bid of $43 billion, or $54.20 per share. Musk said he didn’t think the deal would go through and that he had a plan B, without giving details.
“I’m not sure I can acquire it,” the billionaire said Thursday at a TED event in Vancouver.
Musk wants to buy the company to make it private because he thinks it’s important for Twitter to become a beacon of free speech, despite Twitter being a company and not a government-run entity.