Elon Musk is no longer the largest shareholder of Twitter after asset manager Vanguard Group increased its stake to overtake him.
Gatekeepers News reports that as of Thursday, Vanguard owns 10.3 percent of Twitter, while Musk owns 9.1 percent, making him the largest individual shareholder.
Musk, whose share is four times that of the Twitter founder, Jack Dorsey – on Wednesday made a sensational bid for the company and publicly revealed the plan on Thursday morning.
Vanguard, led by CEO Tim Buckley, increased its stake in the company at some point during the first quarter, according to SEC filings made on April 8.
Vanguard previously reported owning 67.2 million shares of Twitter or about 8.4 percent of the company as of the end of December, according to FactSet.
Other owners of large quantities of Twitter stock include Morgan Stanley, Fidelity and Black Rock.
Vanguard’s holdings are now worth $3.78 billion, based on Twitter stock’s closing price on Wednesday.
On Thursday afternoon, Musk tweeted a poll, asking: “Taking Twitter private at $54.20 should be up to shareholders, not the board.”
Over 80 percent of the one million votes cast in the first hour said yes. Musk then tweeted: ‘I love you.’
Meanwhile, the company in a statement said, “The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders.”
