Elon Musk is no longer the largest stakeholder in Twitter.

Elon Musk, the world’s richest man, has been overtaken as Twitter’s largest shareholder by Vanguard Group, an asset management.

According to filings filed with the US Securities and Exchange Commission (SEC) on April 8, Vanguard Group boosted its holding in Twitter from 8.4 percent (67.2 million shares) to 10.3 percent (82.4 million shares) on Thursday, April 14.

When their holding is matched to Twitter’s market share value, this is higher than the 9.1 percent (73.1 million shares) stake Musk purchased on March 14, with Vanguard Group’s total investment value of $3.71 billion vs Musk’s $3.29 billion.

Given Musk’s ambition to purchase Twitter, the investment has set the ground for a struggle over ownership between institutional and individual investors.

Musk is the company’s largest individual shareholder, followed by Twitter co-founder Jack Dorsey, who indicated on Thursday that he is “not confident” whether his takeover effort will succeed, only hours after making the offer.

“I’m not sure I’ll be able to get it,” the billionaire stated at a TED event in Vancouver on Thursday.

The Vanguard Group is one of eight institutional investors among the top ten largest Twitter shareholders, while Musk and the microblogging site’s founder, Jack Dorsey, are the only two individuals in the top ten.

The move by Vanguard Group is seen as a jab at Musk’s desire to become the sole owner of Twitter, since it would cost the billionaire the backing of the company’s now-largest shareholder in his bid to depart the public market, which the billionaire claims will limit the social media platform’s potential.

Musk had offered $54.20 per share for Twitter, compared to the current price of $45.08 on Thursday. If his offer is turned down, he has threatened to liquidate his $3.71 billion stake in the company. Given his clout in the US financial market, his departure might cause Twitter’s stock to plummet.

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