Here’s Why RGAIA Investment Sold its Twitter (TWTR) Stake

RGAIA Investment Advisors, an independent, privately owned asset management firm recently published its second-quarter 2022 investor letter – a copy of which can be downloaded here. RGAIA Investment Advisors believe over the long run, letting winners ride is critical to exceptional results, and letting companies intrinsically compound is critical for optimizing after-tax results. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.

In its Q2 2022 investor letter, RGAIA Investment Advisors mentioned Twitter, Inc. (NYSE:TWTR) and explained its insights for the company. Founded in 2006, Twitter, Inc. (NYSE:TWTR) is a San Francisco, California-based social network company with a $29.5 billion market capitalization. Twitter, Inc. (NYSE:TWTR) delivered a -10.62% return since the beginning of the year, while its 12-month returns are down by -40.26%. The stock closed at $38.63 per share on September 05, 2022.

Here is what RGAIA Investment Advisors has to say about Twitter, Inc. (NYSE:TWTR) in its Q2 2022 investor letter:

“Early in the second quarter, we sold our Twitter (NYSE:TWTR) shares on the official announcement that Elon Musk would acquire the company at $54.20 per share. Although we typically would wait for what was then a large 7% merger/arb spread to close, we figured in this market environment it would be beneficial to move aside in the event future drama might ensue while building cash in order to opportunistically deploy into better opportunities. During the quarter, we saw the chance to do so and bought shares in four companies.”


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Our calculations show that Twitter, Inc. (NYSE:TWTR) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Twitter, Inc. (NYSE:TWTR) was in 69 hedge fund portfolios at the end of the second quarter of 2022, compared to 68 funds in the previous quarter. Twitter, Inc. (NYSE:TWTR) delivered a -2.35% return in the past 3 months.

In August 2022, we also shared another hedge fund’s views on Twitter, Inc. (NYSE:TWTR) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.

Disclosure: None. This article is originally published at Insider Monkey.