Elon Musk, the billionaire founder of Tesla Inc, is no longer the largest shareholder of Twitter.
Musk currently owns a 9.2 per cent stake in the company.
But Vanguard Group, an American registered investment advisor, now owns 82.4 million shares of Twitter, which means 10.3 per cent of the company — making it Twitter’s largest shareholder and bumping Musk out of the top spot.
According to the most recent publicly available filings with the US Securities and Exchange Commission, the asset manager increased its stake in the company at some point during the first quarter.
The Wall Street Journal reported that Vanguard’s holdings are worth $3.78 billion, based on Twitter stock’s closing price on April 13.
Newsmen had earlier reported Musk’s proposal to buy 100 per cent of the social media company at $54.20 per share in cash, valuing it at around $43 billion.
At a TED conference on Thursday, Musk insisted that buying Twitter wasn’t an economic move for him.
“I could technically afford it. But this [deal] is not a way to make money. Having a public platform that is trusted and broadly inclusive is extremely important to the future of civilization. I don’t care about the economics at all,” Musk said.
Read More: Elon Musk overtaken as Twitter’s largest shareholder amid $43 billion takeover bid
