Elon Musk is no longer Twitter’s biggest shareholder after the Vanguard Group upped its stake to 10.3%: Investment firm is unlikely to back his takeover bid

  • Elon Musk is no longer the largest shareholder in Twitter after asset managers Vanguard Group upped their stake in the Silicon Valley company
  • Vanguard now owns 10.3 percent of Twitter, while Musk owns 9.1 percent of the company – meaning he is still the largest individual shareholder. Last week he turned down an offer to join the board  
  • Musk on Wednesday night sent a letter to Twitter offering to take the company private for $41 billion 
  • He called it his ‘best and final offer’ and insisted ‘I am not playing the back-and-forth game’ 
  • Twitter’s board of directors is meeting Thursday afternoon and says it will ‘carefully review the proposal’ 
  • Twitter’s board of directors is reportedly considering a ‘poison pill’ plan to block Musk’s takeover 
  • Offer represents a 38 percent premium to the closing price of Twitter’s stock on April 1, but is below last year’s highs 
  • Shares of Twitter jumped 5.6 percent at the opening bell Thursday, to $48.40 – below Musk’s offer price 
  • It indicated that the market remains skeptical that Musk’s takeover bid will be successf