By: Konrad Holden
It was recently revealed that Elon Musk is no longer the largest shareholder in Twitter. The electric car technocrat lost his top spot to Vanguard Group, a $7 trillion asset manager. This news comes as Musk attempts to buy the social media giant and take the company private. Musk has made a proposal to buy the company though some of the board members have already said they will vote against accepting.
Elon Musk has been making headlines recently with his purchase of Twitter stock that brought his total ownership of the company to 9.2%. It seems that the competition didn’t take kindly to his aggressive stock purchase and is striking back.
Asset manager Vanguard Group brought its total ownership of the company to 10.3% in early April and ousted Musk from the top spot.
Currently, Musk is attempting to buy the company and take it private in an attempt to secure a “public platform that is maximally trusted and broadly inclusive” for “the future of civilization.”
Saudi Prince Alwaleed bin Talal Al Saud, who is on Twitter’s board, said he would vote against Musk’s proposal to purchase the company for $54.20 per share. Musk fired back at the prince saying, “How much of Twitter does the Kingdom own, directly & indirectly? What are the Kingdom’s views on journalistic freedom of speech?”
During a Ted Talk, Musk hinted that if his attempt to purchase the company outright doesn’t work, there is a “plan B”, though he did not say what that plan would be.
“I don’t believe that the proposed offer by @elonmusk ($54.20) comes close to the intrinsic value of @Twitter given its growth prospects. Being one of the largest & long-term shareholders of Twitter, @Kingdom_KHC & I reject this offer.” - Saudi Prince Alwaleed bin Talal Al Saud