Elon Musk No Longer Biggest Shareholder in Twitter After Vanguard Increases Stake

The title of Twitter’s largest shareholder no longer belongs to Tesla and Space X CEO Elon Musk.

According to the Wall Street Journal, Vanguard Group, an asset managing firm, increased its stake in the tech giant to 10.3 percent.

“Asset manager Vanguard Group recently upped its stake in the social-media platform and is now the company’s largest shareholder, bumping Mr. Musk out of the top spot,” The Wall Street Journal reported.

“Vanguard disclosed on April 8 that it now owns 82.4 million shares of Twitter, or 10.3% of the company, according to the most recent publicly available filings with the U.S. Securities and Exchange Commission.”

Vanguard had previously owned 67.2 million shares of Twitter (8.4 percent), according to FactSet.

Earlier on Thursday, Musk made an offer to buy Twitter outright, saying that the platform needed to be transformed into a private business to thrive once again. The Tesla and Space X CEO offered to buy Twitter for more than $40 billion after recently rejecting a seat on the company’s board. Twitter shareholder Saudi Prince Al Waleed rejected Musk’s bid to take over platform.

During a Ted talk earlier on Thursday, Musk was asked about what would happen if “the board does not accept,” Musk’s offer, adding: “you’ve said you won’t go higher, is there a plan B?”

Musk responded, “there is,” but would not elaborate.