While Elon Musk is trying to buy Twitter Inc., he’s no longer the company’s largest shareholder.
Funds held by Vanguard Group recently upped their stake in the social-media platform, making the asset manager Twitter’s largest shareholder and bumping Musk out of the top spot.
Vanguard disclosed on April 8 that it now owns 82.4 million shares of Twitter, or 10.3% of the company, according to the most recent publicly available filings with the U.S. Securities and Exchange Commission.
The asset-manager increased its stake in the company at some point during the first quarter, according to the filings. Vanguard’s holdings are now worth $3.78 billion, based on Twitter stock’s closing price on Wednesday.
That’s enough to knock Musk off the perch as Twitter’s largest shareholder, according to FactSet.
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.
Musk initially disclosed a stake in Twitter earlier this month of almost 73.5 million shares, but a day later his disclosed stake dropped to 73.1 million shares, or 9.1% of the company. The position momentarily made him the largest shareholder in the company.
Vanguard previously reported owning 67.2 million shares of Twitter or about 8.4% of the company as of the end of December, according to FactSet.
Musk along with former Twitter Chief Executive Jack Dorsey, who is number seven on the list, are the only individuals among the top 10 shareholders in the company. Wall Street Journal