Elliott Sold Twitter Stock Before Elon Musk’s Takeover Negotiations

Elliott Management, the hedge fund that pushed for large modifications at Twitter two years in the past, exited the inventory through the second quarter, quickly after Elon Musk introduced plans to purchase the social media firm, a regulatory submitting exhibits.

The submitting on Monday, confirmed that Elliott not owned any frequent inventory in Twitter on June 30. It had owned 10 million shares on the finish of the primary quarter.

Twitter’s shares, which closed at $44.50 (roughly Rs. 3,500) on Monday had climbed as excessive as $51.70 (roughly Rs. 4,100) in April, when Musk was providing to spend $44 billion (roughly Rs. 3,49,240 crore) to accumulate the corporate. Shares dropped when he tried to drag out of the deal in early July.

Elliott invested in Twitter in early 2020 and referred to as for the ouster of Jack Dorsey, one of many firm’s co-founders and its CEO on the time.

The firm and the hedge fund quickly reached an settlement during which the hedge fund bought a seat on Twitter’s board and Dorsey was changed in late 2021. Elliott exited the board final yr.

Some different outstanding buyers additionally lower their Twitter holdings.

Hedge fund D.E. Shaw & Company owned 932,716 shares on the finish of the second quarter, after having promoting 3.7 million shares.

Balyasny Asset Management bought 1.3 million shares to personal 172,821 shares whereas SRS Investment Management bought 7 million shares to personal 125,226 shares on June 30.

The so-called 13-F filings are carefully watched for funding tendencies, though the information is launched with a delay and may be dated.

Some companies established new positions, with filings displaying that Pentwater Capital and Segantii Capital Management made new bets to personal 18 million and seven.3 million shares respectively. Citadel Advisors LLC added 3.3 million shares, and now owns 4 million shares.

© Thomson Reuters 2022