Einhorn’s Greenlight takes stake in Twitter – letter
2022.08.01 20:14
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FILE PHOTO: The Twitter logo is shown on a smartphone in front of a displayed stock graph in in this April 29, 2015 photo illustration. REUTERS/Dado Ruvic/File Photo
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BOSTON (Reuters) – Hedge fund Greenlight Capital said it took a new stake in Twitter (NYSE:TWTR) last month as the social media company sued to force Elon Musk to buy the company even as the billionaire entrepreneur said he has changed his mind about the deal.
Greenlight founder David Einhorn wrote to investors on Monday that his hedge fund had taken the position, paying an average $37.24 for the stock, according to the letter seen by Reuters.
“At this price there is a $17 per share of upside if TWTR prevails in court and we believe about $17 per share of downside, if the deal breaks. So we are getting 50-50 odds on something that should happen 95%+ of the time,” the letter said.
