Twitter Inc. (NYSE:TWTR) opened the markets in red on April 7, after filing suit against the government who is pushing the social media platform to reveal the identity behind an anonymous account which have been critical against the Trump administration. twitter is currently trading at $14.35, or a decline of 0.24%.
Twitter Inc. (NYSE:TWTR) decided to sue and protect the digital privacy of the people or peoples behind the @ALT_USCIS handle, which according to government claims, is the work of at least one federal immigration employee. Following Trump’s vow to build a wall as part of his campaign against illegal immigrants, “alt” accounts have spread, taking on the names and images of government agencies and calling out the campaign, Reuters reported.
Moreover, the company said it was compelled to sue after recognizing that the directive and reasoning by the government were “unlawful,” the New York Times said in a report.
In other news, Twitter Inc. (NYSE:TWTR) co-founder Evan Williams is unloading a huge chunk of his shares. He sold about $4 million as per an SEC filing, but a spokesperson told CNBC that the plan is to sell 30%.
What Does The Smart Money Sentiment Say?
Smart Money is bearish over Twitter Inc. (NYSE:TWTR) stocks as we saw a significant decline of hedge funds’ holdings. Out of 742 hedge funds that we track at Insider Monkey, only 41 funds hold shares totalling $547 million in the fourth quarter of 2016, compared to 47 funds which hold shares totalling $1.08 billion in the third quarter of the same year.
At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 39.7% gains over the past 12 months and outperformed the 24.1% gain enjoyed by the S&P 500 ETFs. Our enhanced small-cap hedge fund strategy returned more than 45% over the last 12 months and outperformed SPY by more than 30 percentage points over the last 4.5 years (see details here).
The Bottom Line
Traders are selling their Twitter Inc. (NYSE:TWTR) shares after they filed suit against the government over an anonymous user’s digital privacy. Here are 10 countries where Twitter is growing faster than Facebook.