In just the span of a week, Elon Musk disclosed his massive stake in Twitter, got a seat on its board, publicly floated drastic changes and then turned down the board role. Here's a look at what has happened and what the aftermath could be.
WHAT IS TWITTER SAYING?
Vanguard controls 10.3% of the company through investments made by its suite of mutual funds and ETFs. Vanguard and other fund giants are often the biggest investors in any company, as money keeps pouring into their index funds from retirement savers and other investors. But these fund giants are typically much more hands-off as owners than activist investors, who can push for new management teams or big changes in strategy.
“That 15% is an arbitrary number,” said Kraemer. “It’s not like if you own 15%, you can or can’t do something else. I’m speculating, but maybe the thought was: If we bring him on as a director, and he can’t buy more than 15%, that literally stops him from taking control of the company.”When Musk first unveiled his Twitter stake through a filing with the U.S.
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