Prominent hedge funds, including Point72 Asset Management and Bridgewater Associates, invested in Twitter during the first quarter, putting them on course to reap big gains early in the second quarter when billionaire Elon Musk unveiled plans to buy the company.
The Twitter logo and trading information is displayed as a trader works on the floor of the New York Stock Exchange in New York City, U.S., May 3, 2022. REUTERS/Brendan McDermidBOSTON, May 17 - Prominent hedge funds, including Point72 Asset Management and Bridgewater Associates, invested in Twitter
Point72, run by Steven A. Cohen, bought 1.5 million common shares worth $58.8 million while Balyasny Capital Management purchased roughly the same amount, according to regulatory filings and data compiled by Symmetric.io. Holocene Advisors bought $56 million worth of shares and Bridgewater Associates, founded by Ray Dalio, took a stake worth $8.3 million.
Symmetric.io data show that 20 fund firms increased their Twitter stakes and 11 made new investments during the first three months of the year. While the regulatory filings are backward looking, they are widely watched for investment trends. If shareholders who held positions at the end of March stuck with Twitter in early April, they likely saw big gains.
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