[Asia Economy Reporter Jeong Hyunjin] Elliott Management, a leading activist fund on Wall Street, has sold all 10 million shares of Twitter stock it held during the second quarter (April to June). This occurred before the stock price plummeted after Tesla CEO Elon Musk declared his intention to terminate the Twitter acquisition deal.
According to major foreign media on the 15th (local time), Elliott stated in a refiled document with the U.S. Securities and Exchange Commission (SEC) that it held no common shares of Twitter as of the end of June. Until the end of March, Elliott held 10 million shares of Twitter worth $387 million (approximately 507 billion KRW).
Elliott’s recent sale of Twitter shares has drawn attention in connection with Musk’s declaration to terminate the acquisition deal. On April 14, Musk announced his intention to purchase Twitter at $54.20 per share, but on July 8, three months later, Twitter abruptly terminated the contract, citing issues such as insufficient information regarding fake accounts.
Accordingly, Twitter’s stock price rose from $38.69 at the end of March to $51.70 at the end of April, then fell back to $37.39 by the end of June. The stock price fluctuated amid discussions of the contract issues between Musk and Twitter. Elliott did not disclose the profit from the share sale. Elliott had purchased a large stake in Twitter in early 2020 and demanded the replacement of founder and CEO Jack Dorsey.
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