Elon Musk It was replaced as Twitter’s largest shareholder less than 24 hours following announcing an offer to buy the remaining $43 billion shares.
The U.S. Securities and Exchange Commission (SEC) has revealed that Vanguard Group bought a stake over Musk by increasing its stake in the company.
As of April 8, Vanguard owns 82.4 million shares, or 10.3 percent of the company, compared to Musk’s roughly 9.2 percent stake.
The revelations came regarding Musk’s failure to publicly disclose his holdings, sparking a class action lawsuit by the company’s shareholders. A shareholder said Musk made a “misleading statement” without revealing that he had invested in Twitter by March 24, as required by federal law.
Prince Alwaleed bin Talal of Saudi Arabia added his comments yesterday on a tweet saying: “I don’t believe the offer proposed by Elon Musk comes close to Twitter’s intrinsic value considering its growth prospects,” which Prince currently owns 4.4 percent on Twitter.
Musk show self-doubt
Now Musk himself began to wonder if he had succeeded. At the TED2022 conference in Vancouver, “I’m not sure I’ll actually get it.”
Musk said at the event that Twitter should be more open and transparent. He reiterated that promoting freedom of speech was his motivation to buy the platform.
“I think it’s very important to have a forum where there is freedom of speech. Because in the past I have been called a liar or misleading by investors.”
If Musk’s proposal is accepted, he will consider altering the approach of the platform in question. including crypto scam tweets from bots
“The most important thing I need to do is get rid of spam bots and scams.”
Musk also stressed that Twitter must be open source and accessible to the public. As reported by the Washington Post confirmthat the company has been following that path for some time
However, Musk also said that he was not financially interested in the acquisition of Twitter at all. But he’s more interested in changing the platform for the better. And added that he has a “Plan B” if his bid for Twitter is rejected, but details are not available at this time.
