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Elon Musk lost his position as Twitter’s largest shareholder while try to buy the company in a $43 billion deal.
The Tesla and SpaceX boss said in early April that he became Twitter’s largest shareholder, having created a 9.2% stake in the microblogging platform.
But now he lost the first place. An asset manager at Vanguard Group said in a statement to the Securities and Exchange Commission that, as of April 8, its funds hold a 10.3% stake in the company, which is worth $3.6 billion as of Friday’s close.
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The filing shows that Vanguard increased its engagement on Twitter over the course of the first quarter.
On Thursday, the world’s richest man submitted a $43 billion bid. throughout the company, in a “take it or leave it” offer.
Musk is still Twitter’s largest individual shareholder—although he’s “not sure” his takeover bid will succeed; the co-founder of the social network, Jack Dorsey, is the second.
“I’m not sure I can actually acquire it,” Musk said while speaking at the TED 2022 conference in Vancouver on Thursday.
Nevertheless, the businessman said that he had a “plan B” if his offer was unsuccessful, but did not detail what it would be.
Twitter confirmed on Thursday that it received “an unsolicited, non-binding proposal from Elon Musk” and that it would “carefully review the proposal to determine the course of action it believes is in the best interest of the company and all of its shareholders.”
Musk tweeted Thursday that it would be “totally indefensible” for Twitter not to put its offer to a shareholder vote.
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