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Elon Musk Is No Longer Twitter’s Largest Shareholder

While Elon Musk is attempting to acquire Twitter Inc., he is no longer its top shareholder.

Vanguard Group’s funds recently increased their interest in Twitter, making the asset manager the company’s largest stakeholder and knocking Mr. Musk out of the top spot.

According to the most recent publicly available filings with the US Securities and Exchange Commission, Vanguard now owns 82.4 million shares of Twitter or 10.3 percent of the firm.

According to the documents, the asset management boosted its ownership in the company at some time during the first quarter. Based on the closing price of the Twitter stock on Wednesday, Vanguard’s holdings are now worth $3.78 billion.

According to FactSet, this is enough to knock Mr. Musk off his position as Twitter’s largest shareholder.

Vanguard isn’t betting on Twitter’s direction. Instead, it invests the majority of its assets in indexes and other “passive” funds. When it comes to voting problems, the firm frequently votes with management and does not agitate for changes like a hedge fund or activist investor could.

According to the documents, the asset management boosted its ownership in the company at some time during the first quarter. Based on the closing price of Twitter stock on Wednesday, Vanguard’s holdings are now worth $3.78 billion.

According to FactSet, this is enough to knock Mr. Musk from his position as Twitter’s largest shareholder.

Vanguard isn’t betting on Twitter’s direction. Instead, it invests the majority of its assets in index and other “passive” funds. When it comes to voting problems, the firm frequently votes with management and does not agitate for changes like a hedge fund or activist investor could.

The Vanguard Group, Inc., based in Malvern, Pennsylvania, is an American registered investment advisor with about $7 trillion in global assets under administration as of January 13, 2021. It is the world’s largest mutual fund provider and the world’s second-largest provider of exchange-traded funds (ETFs) after BlackRock’s iShares. Vanguard also provides brokerage services, variable and fixed annuities, educational account services, financial planning, asset management, and trust services in addition to mutual funds and ETFs.

Founder and former chairman John C. Bogle is credited with creating the first index fund available to individual investors and was a proponent and significant enabler of low-cost investment by individuals, however Rex Sinquefield is credited with launching the first index fund a few years before Bogle.

Several Vanguard mutual funds are near the top of the list of US mutual funds in terms of assets under management. Vanguard is one of the Big Three index fund managers that dominate corporate America, alongside BlackRock and State Street.

 

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