Guwahati: Barely a day after Elon Musk put his “best and final” offer to buy Twitter, it was reported that he no longer remains Twitter’s largest shareholder.
Elon Musk had bought a 9.2 per cent stake (73.5 million shares) in Twitter. He invested nearly $3 billion in the stakes.
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With that investment, he was said to be the largest shareholder of the micro-blogging site.
However, now it has been reported that Vanguard Group, an American investment advisor has dethroned Musk from the position as it was found that the company owned a 10.3% stake in the social media platform.
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Twitter CEO has said that they are still evaluating Musk’s offer to buy out Twitter, while the company’s board is looking to ‘fight the bid’.
The Wall Street Journal puts the worth of Vanguard’s holdings at $3.78 billion, which is based on the closing price of Twitter’s stock on April 13. The Journal noted that the majority of Vanguard’s assets are in the index and other so-called passive funds, and it is not making a directional bet on Twitter.
Although Vanguard owns more shares or stakes than Musk, he still remains the largest individual shareholder on Twitter.
Musk and Dorsey are the only individuals in the top ten shareholders of Twitter.
Musk had been offered a seat on the board of directors as well, but he refused to join.