Tuesday, September 27, 2022

The fund was able to close the deal at the peak of the share price of the microblogging service

It was known that hedge fund Elliott Management sold all its shares of Twitter, Inc. in the 2nd quarter when the company’s stock spiked after Tesla founder Musk announced he was buying it.

The value of the deal was not disclosed. Elliott owned 10 million shares of Twitter stock worth $387 million as of March 31.

According to documents sent by hedge fund Elliott Management to the Securities and Exchange Commission (SEC) on Monday, it no longer has Twitter stock in its portfolio.

Musk reportedly made an offer to buy the social network on April 14, offering $54.2 per share. Two weeks later, Twitter accepted the offer. The company’s share price was climbing to $51.7 at the end of April, but by June 30, when investors had doubts about the possibility of completing the deal, it had fallen to $37.39.

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