scorecardresearch
Elon Musk no longer Twitter's largest stakeholder, this company is; check details

Elon Musk no longer Twitter's largest stakeholder, this company is; check details

As per the most recent filings with the US Securities and Exchange Commission (SEC), Vanguard now owns 82.4 million shares of Twitter, or 10.3 per cent of the company.

Tesla CEO Elon Musk had on Wednesday offered to buy 100 per cent of Twitter shares in an updated filing with the US SEC. Tesla CEO Elon Musk had on Wednesday offered to buy 100 per cent of Twitter shares in an updated filing with the US SEC.

Tesla chief Elon Musk, who became Twitter's largest stakeholder after picking up a 9.2 per cent stake in the microblogging site, is no longer its majority shareholder.  

This is because the American investment advisor, Vanguard group has taken a 10.3 per cent holding in Twitter, making it the largest stakeholder in the social media major.  

As per the most recent filings with the US Securities and Exchange Commission (SEC), Vanguard now owns 82.4 million shares of Twitter or 10.3 per cent of the company.  

Also Read: Twitter CEO informs employees company not 'held hostage' by Elon Musk's offer

Basis the Twitter stock's closing price on Wednesday, April 13, Vanguard's holdings are now worth $3.78 billion, The Wall Street Journal reported.  

"Vanguard isn't making a directional bet on Twitter…Instead, the majority of its assets are in index and other so-called passive funds. The firm often sides with management on voting issues and doesn't advocate for changes like a hedge fund or activist investor might," the publication said. 

Vanguard owned approx. 70.4 million Twitter shares as of last December, constituting 8.8 per cent of all outstanding shares. 

Musk had on Wednesday offered to buy 100 per cent of Twitter shares in an updated filing with the US SEC wherein he has offered $54.20 per share in cash to buy out the social media giant for $41.39 billion.

Also Read: Important to have arena for free speech: Elon Musk after making $43 bn offer to buy Twitter