Elliott fund dropped from Twitter amid Elon Musk takeover deal

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

Elliott ran 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, indicates that Elliott no longer held Twitter shares as of June 30, nearly two months after the signing of the agreement. redemption with the board of directors. At the end of March, Elliott still owned 10 million Twitter shares, worth around $390 million.

The numbers reported to the SEC do not include derivatives such as swaps. Thanks to these instruments, Elliott was the head of a stake of an amount of almost 1 billion dollars at the beginning of 2020, but this figure never appeared in the regulatory declarations.

-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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