Elliott fund dropped from Twitter amid Elon Musk takeover deal, Companies News

NEW YORK (Agefi-Dow Jones)–Activist fund Elliott Management pulled out of Twitter in the weeks following an agreement to buy the social network from Elon Musk for $44 billion.

Elliott had waged a critical campaign against Twitter’s management in early 2020 and won a seat on the board last year. The investment fund did not participate publicly in the debate provoked by Elon Musk’s takeover offer, then by the withdrawal of the American billionaire.

A document filed Monday with the Securities and Exchange Commission (SEC), the US securities regulator, says Elliott no longer held Twitter shares as of June 30, nearly two months after the deal was signed. redemption with the board of directors. At the end of March, Elliott still held 10 million Twitter shares, worth about $390 million.

The figures reported to the SEC do not include derivatives such as swaps. Through these instruments, Elliott was leading a nearly $1 billion stake at the start of 2020, but that figure never appeared in regulatory filings.

-Cara Lombardo, The Wall Street Journal (French version Thomas Varela)

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August 16, 2022 16:50 ET (20:50 GMT)

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