Twitter Saga Continues as Vanguard Group Overtakes Elon Musk as Largest Shareholder
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The Vanguard Group has overtaken Elon Musk to become the largest shareholder of social media platform, Twitter
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According to a recent SEC filing, the group now holds 82.4 million shares of Twitter, which is about 10.3% of the total available shares
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The Tesla CEO who currently owns 9.2% of the company was previously the largest shareholder and had made an offer to buy out the entire company’s shares
On April 4th, Tesla CEO, Elon Musk announced that he had acquired a 9.2% stake in Twitter, a buy that made him the company’s largest shareholder. However, the billionaire’s run at the top of the leaderboard has been cut short.
This comes after a filing from the Securities and Exchange Commission (SEC), which revealed that the Vanguard Group now owns 10.3% of the social media company’s shares. The asset manager had initially increased its stake in the microblogging platform in the first quarter, before another recent buy, according to the SEC filing. Vanguard now owns 82.4 million shares of Twitter and its total holding is worth around $3.78 billion, based on the market price of the stock today.
However, Elon Musk remains the top shareholder of the company while co-founder Jack Dorsey ranks second.
News of the Vanguard Group’s holding comes at a time when Elon Musk has announced that he intends to buy all the shares of the social media company. Musk made an offer to the Twitter board on Thursday morning and threatened to sell all his current stocks if they refuse.
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