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Elon Musk bid to take Twitter private for $54.20 a share in April 2022 – and one month later, Hindenburg disclosed a short position in the social media giant.
The activist investor predicted that Musk would be able to renegotiate that deal to a lower price after Twitter posted poor quarterly results and the world's second-richest man said he'd sell his existing 9.2% stake if his takeover offer wasn't accepted.
Hindenburg closed its short position just eight days later, when shares had plunged to just over $35. It then announced a "significant long position" in Twitter in June, betting that Musk would fail in his efforts to back out of the deal even though its stock price had plunged even further.
Musk later changed his mind again in October and bought Twitter at the originally-agreed price of $54.20 a share, at which point Hindenburg sold all its shares.