Elon Musk’s decision to end his war with Twitter isn’t just a big win for the social-media company!
It’s very profitable for also some of the big-name investors, the likes of Carl Icahn.
Tweet on Carl Icahn Twitter stock investment
Billionaire investor Carl Icahn has scored a $250 million gain on Twitter stock!!
— The_Journalbiz (@the_journalbiz) October 5, 2022
WSJ reports on the latest from the news on Twitter deal
Mr. Icahn stats show that earned from a Twitter stake, well over $500 million in the past few months and made a sizable profit Tuesday after the shares shot up on news that Mr. Musk offered to close his $44 billion purchase of the social-media giant on the original terms. Wsj reports
- Twitter shares jumped 23% to $52 Tuesday.
While Mr. Icahn paid in the mid-$30s a share for the stake, the people said, meaning the estimated profit for his Icahn Enterprises LP could exceed $250 million.
Twitter will become a private company if Elon Musk’s $44 billion takeover bid is approved. The move would allow Musk to make changes to the site.
Mr. Musk offered overnight Monday to close his acquisition of Twitter on the terms he originally agreed to this spring, as a trial to settle the matter approached. It was an abrupt and surprising about-face after he waged a month’s long campaign to get out of the deal.
Mr. Icahn made the investment on the belief the billionaire Tesla Inc. chief wouldn’t go through a trial that he looked likely to lose, some of the people said.