The Strategist

Hedge funds earn over $1B on Elon Musk's purchase of Twitter



11/24/2022 - 11:55



Between the end of the first quarter and the end of the third quarter of this year, 13 hedge funds invested roughly $100 million to increase their interests in Twitter, according to Forbes USA.



Yuri Samoilov
Yuri Samoilov
In his remarks on Nov. 3 at the Forbes Iconoclast Summit, Carl Icahn stated, "It doesn't take a genius to figure out that he was going to close this deal."

According to Forbes USA, between the end of the first quarter and the end of the third quarter of this year, 13 hedge funds invested a total of up to $100 million to increase their Twitter holdings. Journalists contacted each fund to learn the typical buying price.

If funds did not disclose more precise information, it was presumed that they were purchasing at Twitter's quarterly median closing price. These funds collectively bought more than 10% of the company's stock in the six months prior to September 30 and probably earned over $1 billion in gains from the transaction.

The hedge funds boosted their Twitter holdings the most between spring and summer, and they stood to gain if they kept the shares until the company's acquisition was finished.

source: forbes.com

 




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