Elon Musk loses position as Twitter top shareholder while board evaluates his $43 billion takeover bid
India Today
The Vanguard Group, which is one of Twitter's long-standing shareholders, upped its stake to outmatch Musk's holding in the company.
Elon Musk is no longer the largest shareholder of Twitter. Amid his bid worth $43 billion for a hostile takeover of the microblogging website, Musk has been knocked out of the position that gave him the power to make significant decisions for the company. The Vanguard Group, which is one of Twitter's long-standing shareholders, upped its stake to outmatch Musk's holding in the company. With about 82.4 million shares, Vanguard is now the largest shareholder with 10.3 per cent of the company.
In the latest filings with the US Securities and Exchange Commission, Vanguard revealed its holdings in Twitter are now worth $3.78 billion. However, the filing also hints that the asset manager increased its stake in Twitter sometime during the first quarter - much before Elon Musk showed his interest in taking over the company. But Vanguard's current position gives it the power that Musk temporarily enjoyed as the largest shareholder of Twitter.
