Elon Musk is no longer Twitter’s top shareholder Following the submission of a recent SEC report, Vanguard Group stated that its funds now held a 10.3 percent ownership in the company. In a statement released on Thursday, Musk claimed he is “not certain” that his $43 billion takeover attempt for Twitter will be successful.
Twitter CEO Elon Musk has lost his position as the firm’s largest shareholder as part of his quest to acquire the company for $43 billion in cash.
He announced in early April that he had built a 9.2 percent position in Twitter, making him the micro-blogging platform’s top stakeholder. Musk is also the CEO of Tesla and SpaceX.
Elon Musk is no longer Twitter’s top shareholder
But he has now lost his position as the company’s largest shareholder, according to a recent filing with the Securities and Exchange Commission by asset manager Vanguard Group, which stated that as of April 8, its funds owned a 10.3 percent stake in the company, which was valued at $3.6 billion as of Friday’s close.
It appears from the disclosure that Vanguard raised its holdings in Twitter during the first quarter of the year.
Earlier this week, the world’s wealthiest man announced a $43 billion purchase for the entire corporation, with no option to accept or reject the offer.
Tesla CEO Elon Musk is still the company’s largest individual stakeholder, with Twitter co-founder Jack Dorsey ranking as the company’s second largest shareholder, but Musk indicated on Thursday that he is “not certain” that his takeover effort will be successful, only hours after announcing it.
In a speech at the TED2022 conference in Vancouver on Thursday, Elon Musk admitted that he was “not certain” that he would be able to obtain the coveted prize.
Tesla CEO Elon Musk stated that he had a backup plan in case his bid is failed, but he did not explain on what that plan would be.
Musk noted in an interview with TED CEO Chris Anderson that he made the offer because he believes it is critical to have a “inclusive arena for free speech.”
“This is not a method to earn money,” Musk declared emphatically. “Intuitively, I believe that having a publicly accessible platform that is both maximally trusted and broadly inclusive is highly important for the future of civilization.”
Elon Musk, who has a 9.2% stake in Twitter, is no longer its largest shareholder
Musk stated in a letter to Twitter’s chairman on Wednesday that his $54.20-per-share offer was his best and final offer for the social media company.
He has stated that if the offer is not accepted, he will sell his substantial investment in the company and walk away completely.
A Twitter spokesperson confirmed on Thursday that the company had received “an unsolicited, non-binding proposal from Elon Musk.” The company stated that it would “carefully review the proposal” in order to determine “what course of action it believes is in the best interest of the company and all Twitter stockholders.”
Musk said in a tweet on Thursday that it would be “utterly inexcusable” for Twitter to reject his offer to put it to a vote among its shareholders.