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One of Twitter’s largest corporate shareholders, Vanguard Inc., has upped its stake in the Big Tech giant to leap past Elon Musk has the largest single shareholder.
“Elon Musk is no longer the largest shareholder in Twitter, it emerged on Thursday, after asset manager Vanguard Group increased its stake to overtake him,” the Daily Mail reported. “Vanguard now owns 10.3 percent of Twitter, while Musk owns 9.1 percent of the company, making him the largest individual shareholder.”
Musk’s share is still four times that of the only other major individual shareholder in the company: Twitter founder Jack Dorsey.
According to Investopedia, Vanguard has more than $7.50 trillion in assets under management (AUM), second only to BlackRock, Inc ($9.01 trillion AUM), which also owns a large stake (6.5%) in Twitter.
Vanguard is the “largest issuer of mutual funds in the world and the second-largest issuer of exchange-traded funds (ETFs),” Investopedia also notes.
The Vanguard move is an obvious attempt to frustrate Musk’s attempt to take over Twitter and restore a semblance of free speech on the platform.
Twitter’s board held an emergency meeting on Thursday afternoon to evaluate Musk’s $43 billion offer, valued at $54.20/share. CEO Parag Agrawal spoke to shareholders at the meeting about the offer.
Major Twitter shareholder Saudi Sheikh Al Waleed rejected Elon Musk’s bid,which is significantly higher than the Goldman Sachs appraised target price of $30/share.But Musk said at a TED conference on Thursday that there is a ‘Plan B.’ “Twitter has become kind of the de facto town square,” Musk said. “So it’s really important that people have both the reality and the perception that they’re able to speak freely… so there’s no sort of behind-the-scenes manipulation, either algorithmically or manually.”“My strong intuitive sense is that having a public platform that is maximally trusted and broadly inclusive is extremely important to the […]
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