Prominent activist investor Carl Icahn reportedly amassed more than $500 million in shares on social media Twitter (NYSE:TWTR) that paid off on Tuesday when Elon Musk decided to close his $ 44 billion purchase of Twitter.
As updated in an earlier Coincu News article, TWTR jumped 22% on Tuesday on the news that the billionaire Tesla CEO wants to complete the purchase of Twitter (TWTR) with an initial deal of $54.20/stock.
Icahn paid around mid-$30 for his stock, which means that profits for his Icahn Enterprise LP (NASDAQ: IEP) could be more than $250 million, according to a WSJ report, which cited people familiar.
According to the WSJ, Icahn is said to have made the Twitter (TWTR) investment because he believed that Musk wouldn’t have got to trial that he would likely lose and he thought that the social media company had an intrinsic value in the mid $30.
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