Excerpt from Bloomberg quoting DataTrek co-founder Nick Colas:
…. “Retail traders had already fueled record Twitter trading volume on April 4, the day Musk reported his 9% stake in the company. As of the end of trading Wednesday, they had pushed $423.9 million into the stock since the disclosure.
“Retail will follow Elon to the gates of hell and back,” said Nick Colas, co-founder of DataTrek Research. “He’s made them a huge amount of money over the years.”
Institutional investors — who would be the key to success for any Musk offer taken directly to shareholders — reacted less favorably to the bid. Twitter’s stock fell 1.7% Thursday to $45.08, well below his $54.20 proposal”….
Read the full article here on Bloomberg!