Top 5 Tech Stocks to Buy According to Billionaire Louis Bacon

4. Twitter, Inc. (NYSE:TWTR)

Moore Capital Investment’s Stake Value: $9.3 million

Percentage of Moore Capital Investment’s 13F Portfolio: 0.24%

Number of Hedge Fund Holders: 69

Twitter, Inc. (NYSE:TWTR) is a social media company that allows its users to communicate with each other through brief posts called tweets. The firm is headquartered in San Francisco, California.

Twitter, Inc. (NYSE:TWTR) is currently in the midst of a takeover attempt by the electric vehicle billionaire Elon Musk. Mr. Musk is also facing a legal battle over his deal and has requested the court to delay the proceedings until his latest offer of buying the company is finalized. Twitter, Inc. (NYSE:TWTR) is looking forward to completing the buyout by October 28, according to Bloomberg.

Mr. Bacon’s hedge fund owned 250,000 Twitter, Inc. (NYSE:TWTR) shares that let it hold a $9.3 million stake in the company during this year’s second quarter. This stake constituted a small 0.24% of the firm’s multi-billion dollar investment portfolio. Insider Monkey’s Q2 2022 survey of 895 hedge funds revealed that 69 had also bought Twitter, Inc. (NYSE:TWTR)’s shares.

Matthew Halbower’s Pentwater Capital Management is Twitter, Inc. (NYSE:TWTR)’s largest investor through a $676 million stake that comes via 18 million shares.

RGAIA Investment Advisors mentioned the company in its Q2 2022 investor letter. Here is what the fund said:

“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.”