Icahn had Twitter stake worth over $500 million before Musk’s about-face

(Reuters) -Activist investor Carl Icahn amassed a Twitter stake price greater than $500 million previously few months and made a large revenue on Tuesday after Elon Musk proposed to go forward together with his takeover of the social media platform, the Wall Avenue Journal reported.

Twitter shares jumped greater than 22% to finish at $52.00 on Tuesday after a securities submitting confirmed Musk intends to go forward together with his April supply of $44 billion to take the corporate non-public, signaling an finish to a authorized battle that would have pressured Musk to pay up.

Icahn paid within the mid-$30s a share for the stake, the report stated, citing folks aware of the matter. The estimated revenue for Icahn Enterprises LP may exceed $250 million, it added.

Icahn made the funding on the idea that Tesla (NASDAQ:) Inc chief Musk would not undergo a trial that he appeared prone to lose, the report stated. He additionally believed that the inventory was price near the mid-$30s in the long run.

Different traders, together with D.E. Shaw Group and Daniel Loeb’s Third Level LLC, additionally positioned bets on Twitter shares in latest months and will make sizable good points as properly, based on the report.

Third Level and Twitter declined to remark. Icahn Enterprises and D.E. Shaw Group didn’t reply to Reuters’ requests for remark.