The Elliott Management hedge fund sold its Twitter stock before Elon Musk's takeover negotiations began

By TechThop Team

Posted on: 16 Aug, 2022

The hedge fund took a stake in Twitter in early 2020 and called for the ouster of CEO Jack Dorsey.

During the second quarter, Elliott Management exited the Twitter stock, shortly after Elon Musk announced plans to buy the social media company, according to a regulatory filing.

In the filing on Monday, Elliott indicated he no longer owned any Twitter common stock on June 30. In the first quarter, the company owned 10 million shares.

The shares of Twitter close at $44.50 on Monday after reaching $51.70 in April, when Musk offered $44 billion for the company. In early July, when he attempted to exit the deal, shares declined.

In late 2021, the company and hedge fund reached an agreement in which the hedge fund became a board member and Dorsey was replaced. The board expelled Elliott last year.

The hedge fund D.E. Shaw & Company owned 932,716 shares at the end of the second quarter, after selling 3.7 million shares during the period.

In the month of June, Balyasny Asset Management sold 1.3 million shares and now owns 172,821 shares, while SRS Investment Management sold 7 million shares and now owns 125,226 shares.

Investors closely monitor 13-F filings for investment trends, even though the data is delayed and may be out-of-date.

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