As he attempts to buy the company, Musk has lost his position as the largest shareholder.
In early April, he said he had built a 9.2% stake in the micro-blogging platform.
According to a recent filing with the Securities and Exchange Commission, he has lost the top spot, as asset manager Vanguard Group said in a filing that its funds now own a 10.3% stake in the company that is worth $3.6 billion.
The first quarter filing shows that Vanguard increased its stake in the micro-blogging site.
The richest man in the world made a $43 billion offer for the entire company.
Musk is still the largest individual shareholder, but he said on Thursday that he is not sure if his takeover bid will succeed.
I am not sure that I will actually be able to acquire it, Musk said while speaking at the conference.
Musk said that he had a Plan B after his bid was unsuccessful.
Speaking to Chris Anderson, Musk explained that he made the offer because he believes it is important to have an inclusive arena for free speech.
Musk said that this is not a way to make money.
In a letter to the chairman of the company, Musk said his best and final offer was $54.20.
He said that if the offer is not accepted, he will walk away from the company.
The company confirmed Thursday that it had received a proposal from Musk that it would carefully review to determine the best course of action.
It would be utterly indefensible for Twitter to not put Musk's offer to shareholders to a vote.
—Elon Musk (@elonmusk) April 14, 2022
All Rights Reserved © 2024
