Elon Musk no longer Twitter's largest shareholder
Musk was bumped out of the position by the Vanguard Group's manager as the largest shareholder.
Although Elon Musk announced he is willing to buy all of Twitter's shares yesterday, he is no longer the company's top shareholder.
He recently acquired a 9.2% stake in Twitter.
Vanguard Group funds recently increased their investment in the social media network, making the asset management Twitter's largest stakeholder and knocking Musk out of first place.
According to the most current publicly accessible filings with the US Securities and Exchange Commission, Vanguard now owns 82.4 million shares of Twitter, or 10.3% of the firm, as of April 8.
Based on Twitter stock's closing price on Wednesday, Vanguard's shares are now placed at $3.78 billion, after it increased its stake during the first quarter.
According to FactSet, Vanguard previously owned 67.2 million shares of Twitter, or roughly 8.4% of the company by the end of December.
Musk and former Twitter CEO Jack Dorsey, who ranks seventh on the list, are the only people among the company's top ten stockholders. The remaining stockholders are financial firms.
Musk had earlier turned down a seat on the board of directors. It is speculated that being on the board would have capped Musk's ownership stake at %14.9. Turning down a board seat would allow him to accumulate shares beyond 14.9% and make significant changes to the social media giant.