Point72, run by Steven A. Cohen, bought 1.5 million common
shares worth $58.8 million while Balyasny Capital Management purchased roughly
the same amount, according to regulatory filings and data compiled by
Symmetric.io. Holocene Advisors bought $56 million worth of shares and
Bridgewater Associates, founded by Ray Dalio, took a stake worth $8.3 million
Hedge funds DE Shaw & Company and Bandera Partners also
purchased millions of dollars worth of shares, adding to the positions they
already owned.
The so-called 13F filings show what investors owned on March
31. In early April, Musk made a filing that showed him as a new shareholder — a
development that pushed the stock up and down as he unveiled plans for the
company.
News that Musk, chief executive officer of electric car
maker Tesla, owned 9.2 percent of the social media platform sent Twitter shares
surging more than 30 percent in early April, offering a bright spot amid the
technology sector rout. By the time the company announced in late April that
Musk would take Twitter private, the shares climbed higher.
Symmetric.io data show that 20 fund firms increased their
Twitter stakes and 11 made new investments during the first three months of the
year. While the regulatory filings are backward looking, they are widely
watched for investment trends. If shareholders who held positions at the end of
March stuck with Twitter in early April, they likely saw big gains.
But there were also prominent investors who moved in the
opposite direction, cutting or liquidating positions after the stock price had
slipped over months.
They lost faith in Twitter during the first quarter after
the stock price lost roughly 36 percent of its value between October and the
end of January.
The filings and data from Symmetric.io show that 32 firms
cut their stakes and 37 exited altogether.
Southpoint Capital Advisors exited, selling $138 million
worth of stock, while Millennium Management and Citadel each cut their
holdings, the filings show.
Representatives for the funds either declined to comment or
did not respond to requests for comment. © Reuters
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