Icahn stocked up Twitter stake worth over $500m, books a neat profit after Musk U-Turn

Icahn stocked up Twitter stake worth over $500m, books a neat profit after Musk U-Turn

FILE PHOTO: Elon Musk raises his phone towards the sky during a news conference at the SpaceX Starbase, in Brownsville, Texas, U.S., August 25, 2022. REUTERS/Adrees Latif/

Activist investor Carl Icahn amassed a Twitter stake worth more than $500 million in the past few months and made a sizable profit on Tuesday after Elon Musk proposed to go ahead with his takeover of the social media platform, the Wall Street Journal reported.

Twitter shares jumped more than 22% to end at $52.00 on Tuesday after a securities filing showed Musk intends to go ahead with his April offer of $44 billion to take the company private, signaling an end to a legal battle that could have forced Musk to pay up.

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