Elon Musk becomes Twitter's largest shareholder: Who are the other top holders?
Jack Dorsey, the only other individual shareholder in the top 10, now holds the No. 7 spot
Elon Musk joins Twitter board of directors as company’s largest shareholder
‘Kudlow’ host Larry Kudlow discusses Elon Musk joining Twitter’s board of directors and how Musk might push for free speech on the platform on ‘The Evening Edit.’
Elon Musk's newly acquired 9.2% stake in Twitter has suddenly made him its largest shareholder, catapulting him above the social media company's co-founder and former CEO Jack Dorsey.
The Tesla chief executive disclosed the purchase in a Securities and Exchange Commission filing on Monday, sending Twitter shares soaring for the largest one-day rally since the company went public in 2013. The filing, dated March 14, revealed that Musk bought about 73.5 million shares for roughly $2.9 billion. Those shares have increased in value by roughly $1 billion.
ELON MUSK PURCHASES STAKE IN TWITTER AFTER SLAMMING ITS APPROACH TO ‘FREE SPEECH’
Musk's stake elbowed Vanguard Group from the top shareholder spot to No. 2, according to data from FactSet. Vanguard Group has an 8.4% stake in the company.
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Morgan Stanley Investment Management, meanwhile, fell to No. 3, with holdings of 8.1%.
In this photo illustration the logo of Twitter can be seen on a smartphone on March 10, 2022 in Berlin, Germany. ((Photo Illustration by Thomas Trutschel/Photothek via Getty Images) / Getty Images)
BlackRock Fund Advisors holds the fourth spot, followed by SSGA Funds Management and Aristotle Capital Management.
Dorsey, the former chief executive, is the only other individual shareholder in the top 10. He holds a 2.25% stake in the company, a position that is almost $200 million more valuable after Musk revealed his purchase.
The other investors include ARK Investment Management, Fidelity Management & Research and ClearBridge Investments.
Musk's purchase comes about a flurry of criticism aimed at Twitter, which he has accused of stifling free speech. In a tweet on Tuesday, Musk hinted that hopes to make "significant improvements" to Twitter in the coming months after he was named to the company's board of directors, a term that expires in 2024.
Tesla CEO Elon Musk and Armin Laschet, CDU Federal Chairman and Prime Minister of North Rhine-Westphalia, talk during a tour of the plant of the future foundry of the Tesla Gigafactory on August 13, 2021 in Grünheide near Berlin, Germany. ((Photo by Patrick Pleul - Pool/Getty Images) / Getty Images)
"Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!" Musk said in a tweet.
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Although the new holdings make Musk the largest shareholder of the social media company, the bulk of his wealth is tied to shares and options in Tesla.
Musk controls about 17% of the electric-vehicle maker, according to SEC filings. Tesla shares have surged in value in recent years, propelling the eccentric CEO to the top of a list of the world's wealthiest people. Musk is worth an estimated $288 billion, according to the Bloomberg Billionaires Index.