As of today there are two ‘twist’s’ in this story….
Elnton Musk and his people do NOT own a majority of the shares in Twitter…..
And investment group does….
Musk has put his effort to buy the compoany on ‘hold’…
While Elon Musk is trying to buy Twitter Inc., he’s no longer the company’s largest shareholder.
Funds held by Vanguard Group recently upped their stake in the social-media platform, making the asset manager Twitter’s largest shareholder and bumping Mr. Musk out of the top spot.
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.
The asset-manager increased its stake in the company at some point during the first quarter, according to the filings. Vanguard’s holdings are now worth $3.78 billion, based on Twitter stock’s closing price on Wednesday.
That’s enough to knock Mr. Musk off the perch as Twitter’s largest shareholder, according to FactSet.
Vanguard isn’t making a directional bet on Twitter. Instead, the majority of its assets are in index and other so-called passive funds. The firm often sides with management on voting issues and doesn’t advocate for changes like a hedge fund or activist investor might….
Tesla and SpaceX CEO Elon Musk on Friday announced that his bid to buy Twitter is “temporarily on hold.”
Musk, who was Twitter’s biggest shareholder when he mounted his bid to buy the platform, tweeted that the deal is stalled “pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users” on the site. Musk has since been overtaken as Twitter’s biggest shareholder by the Vanguard Group.
In a subsequent tweet, Musk said he is “still committed to acquisition” of the company. Twitter did not immediately respond to a request for comment on Musk’s tweets.
Last month, Twitter’s board of directors accepted Musk’s proposal to purchase the company for roughly $44 billion.
Musk’s potential takeover of Twitter has rattled the company in recent weeks. Twitter’s top lawyer cried during a meeting with her teams last month as she expressed concerns about how the company could change under Musk’s leadership, POLITICO reported….
His Tesla stock is losing value by the minute….(So is Twitter)
His political views maybe making ‘the Right happy’, but others not so much….
(Especially the Twitter staff)
Musk has already sold off part of his equity in his comapony and it appears now that the market is betting he won’t have enough money to do the deal…..
Will he even be able to buy Twitter?
image….Jim Watson/AFP/Business Insider