Elon Musk, the world’s richest man, is no longer the biggest shareholder in Twitter. That spot has been taken by the Vanguard Group, one of the biggest money managers in the world.

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The group has now become the biggest shareholder in the social media company after it raised its stake to 10.3 percent from 8.8 percent, the WSJ reported citing a filing with the US Securities and Exchange Commission (SEC).

Vanguard now owns 82.4 million shares in Twitter, which makes its stake in the company worth $3.78 billion based on the latest stock price.

Musk, CEO of Tesla and SpaceX, had emerged as the largest shareholder in Twitter after buying a 9.2 percent stake in the company, according to regulatory filings on April 4. He had bought 73.5 million Twitter shares.

Later, he reduced his holdings to 73.1 million shares, or 9.1 percent. Musk had paid $2.64 billion to purchase the shares at a weighted average price of $36.157. However, with Twitter’s shares hitting $45 apiece, his stake is worth more than $3 billion now.

The latest information comes a day after Musk made an unsolicited offer to buy Twitter, at an offer of $43 billion, or $54.20 per share. Musk said he diddn't think the deal would go through, and that he has a Plan B, without elaborating.

“I am not sure that I will actually be able to acquire it," the billionaire said on Thursday at a TED event in Vancouver.

Musk wants to buy the company to take it private as he believes it is important that Twitter become a beacon of free speech, despite Twitter being an enterprise and not a government-run entity.