Elon Musk’s decision to get his takeover of Twitter back on track could deliver a $255 million profit for Florida’s-based hedge fund Pentwater Capital, according to a report by CNBC.Having a acquired a 2.4% stake in Twitter during Q2 for $725 million, Pentwater Capital, which oversees assets of $5 billion, is one of the social media firm’s largest shareholders.
If the deal between Tesla CEO Musk and Twitter concludes at the original bid price of $54.20 per share, Pentwater’s stake would be worth about $980 million, yielding a $255 million profit.
Pentwater stake was acquired when Musk was signalling he was considering ditching the deal with the shares falling as low as $32.55 at one point. But with a legal battle looming, Mush sent a letter of intent this week indicating that the deal is now back on, and at the originally agreed price.
