FILE PHOTO: The Twitter logo and trading information is displayed as a trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 3, 2022. REUTERS/Brendan McDermid
BOSTON (Reuters) - Prominent hedge funds, including Point72 Asset Management and Bridgewater Associates, invested in Twitter during the first quarter, putting them on course to reap big gains early in the second quarter when billionaire Elon Musk unveiled plans to buy the company.
Point72, run by Steven A. Cohen, bought 1.5 million common shares worth $58.8 million while Balyasny Capital Management purchased roughly the same amount, according to regulatory filings and data compiled by Symmetric.io. Holocene Advisors bought $56 million worth of shares and Bridgewater Associates, founded by Ray Dalio, took a stake worth $8.3 million.
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