That Elon MuskTwitter, Inc. TWTR The takeover saga is coming to an end with the Billionaire agrees to buy social media platform for the originally agreed offer price of $54.20 per share or $44 billion overall.
What happened: Billionaire investor and corporate robber Carl Ichahn Twitter shares have been ramping up in recent months and made a “substantial gain” from the rally in Twitter’s recent rally, the Wall Street Journal reported, citing people familiar with the matter.
Twitter shares have risen since early September on hopes that a deal will be worked out between Musk and Twitter. In the statements of both Musk and Twitter CEO Parag Agrawal were postponed, speculation gained ground.
Since Sept. 6, Twitter shares are up about 34.5%, and on Tuesday alone, the stock is up 22.24%.
See also: Elon Musk’s purchase of Twitter will be a “win-win-win,” says Dogecoin Creator
A windfall win? Icahn bought Twitter’s stake by paying a mid-$30 per share, suggesting its profits could top $250 million, according to the Journal. Icahn’s belief that Musk will not go to a trial he is likely to lose prompted him to place his bets on Twitter, the report added, citing some people. Even if the deal didn’t go through, the downside could be limited given the $30 purchase price, he added.
Other high-profile investors who benefited from Musk’s rethinking of the canceled Twitter deal included DE Shaw Group and Daniel Loebs Third Point LLC, the report said.
Twitter closed Tuesday’s session at $52, up 22.24%, but slipped 0.38% to $51.80 in premarket trading on Wednesday, the data said Benzinga Pro data.
Also read: How to Buy Twitter (TWTR) Stock
