Carl Icahn, David Einhorn, and Dan Loeb bet big on Elon Musk ultimately buying Twitter - and likely raked in profits when the deal closed
If Einhorn built the entire position at that price, it would have cost $160 million. Assuming he sold the entire stake at Musk's buyout price, Greenlight received $232 million — a $72 million profit.a sizeable stake in Twitter last quarter. It snapped up 5.5 million shares worth $241 million on September 30. That stake was worth $50 million more by October 27, when Musk bought the company.its Twitter holdings from 11,000 shares worth $411,000, to 948,000 shares $42 million.
Setting the options aside, the fund's stake likely surged in value to $51 million in the space of a month, thanks to Musk completing his takeover. Another top fund appears to have missed out on a major windfall. Jim Simons' Renaissance Technologiesits Twitter stake from 2.5 million shares worth $94 million at the end of June, to 248,000 shares valued below $11 million at the end of September.
RenTech's original stake would have been worth $136 million by the time of Musk's buyout, representing a $42 million or 45% profit. That dwarfs the $13 million value of its reduced position once the deal closed. Musk's attempts to renege on his Twitter purchase weighed on the company's stock this year, as investors feared he would succeed and the shares would slump to their pre-offer levels. It seems that several shrewd fund managers were confident Musk wouldn't be able to walk away, and felt comfortable betting tens or hundreds of millions of dollars they were right.
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