UK Markets close in 2 hrs 54 mins
  • FTSE 100

    7,521.77
    +56.97 (+0.76%)
     
  • FTSE 250

    20,143.70
    +219.59 (+1.10%)
     
  • AIM

    962.46
    +6.88 (+0.72%)
     
  • GBP/EUR

    1.1850
    +0.0048 (+0.41%)
     
  • GBP/USD

    1.2482
    +0.0158 (+1.2819%)
     
  • BTC-GBP

    24,420.52
    +195.41 (+0.81%)
     
  • CMC Crypto 200

    685.59
    +442.91 (+182.51%)
     
  • S&P 500

    4,008.01
    -15.88 (-0.39%)
     
  • DOW

    32,223.42
    +26.76 (+0.08%)
     
  • CRUDE OIL

    113.76
    -0.44 (-0.39%)
     
  • GOLD FUTURES

    1,829.10
    +15.10 (+0.83%)
     
  • NIKKEI 225

    26,659.75
    +112.70 (+0.42%)
     
  • HANG SENG

    20,602.52
    +652.31 (+3.27%)
     
  • DAX

    14,180.92
    +216.54 (+1.55%)
     
  • CAC 40

    6,425.25
    +77.48 (+1.22%)
     
  • Oops!
    Something went wrong.
    Please try again later.

Who owned Twitter before Elon Musk?

·2-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

When Elon Musk finally closes his $44bn deal for Twitter this year he will joint ranks of media moguls, that include his rival for title of world’s richest person, Amazon’s Jeff Bezos.

The Twitter board finally accepted the Tesla boss’s $54.20 per share cash offer for the platform on Monday after intense negotiations, both public and private, and it now has to be ratified by its shareholders.

Twitter, which was founded by Jack Dorsey in 2006, along with Noah Glass, Biz Stone and Evan Williams, is mostly owned by large, institutional investors, according to a regulatory filing by the company on 12 April to the US Securities and Exchange Commission.

The Vanguard Group became the biggest Twitter shareholder in April, ahead of Mr Musk, with a 10.3 per cent stake in the company which is held by a combination of its investment funds, according to investopedia.com.

Mr Musk himself holds 9.2 per cent of the company, followed by Morgan Stanley Investment Management with 8.4 per cent.

BlackRock and StateStreet, both investment companies, each own 4.75 per cent of the company.

Mr Dorsey owns 2.4 per cent of Twitter, which under the Musk deal of $54.20 per share in cash would be worth around $978bn.

Other board members, such as Martha Lane Fox, Robert Zoellick, Omid Kordestani, and current board chair Bret Taylor would receive payouts of between $1m and $50m based on their holdings.

A number of current Twitter executives, such as CEO Parag Agrawal also own large stakes in the company, in addition to enormous severance packages they would receive if not kept on by Mr Musk.

Mr Agrawal owns around 128,000 shares, which would be worth around $7m under Mr Musk’s deal, chief financial officer Ned Segal holds 394,000 worth $21m, general council Vijaya Gadde had 600,000 shares worth $32m and chief customer officer, Sarah Personette, has 143,000 shares worth more than $7m.

Twitter’s 7,000 employees have also been able to buy shares in the company at a discounted price, starting in 2013.

Under the company’s equity compensation plans, up to 41.7m shares can be issued, which would be worth more than $2.2bn.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting