Aussie fund managers dump Twitter before Musk takeover

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Aussie fund managers dump Twitter before Musk takeover
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Australian investors are set to sell their Twitter stock after the Tesla-founder and billionaire (finally) agreed to take the social media platform private.

ahead of a $US44 billion deal for Tesla founder and billionaire Elon Musk to take the social media platform private.

“It’s an extraordinarily mismanaged asset and Musk is getting it very cheap,” VGI’s chief investment officer Robert Luciano says. In June, he told Twitter employees that “there’s no Wechat equivalent outside of China … You basically live on Wechat in China. If we can recreate that with Twitter, we’ll be a great success.”

As a technology business, Twitter has spent millions over the last few years establishing high-grade server farms in California, and on the product front, the company has been releasing waves of features designed to monetise its captured users. Since that time, markets have suffered savage sell-offs and there has been a drastic re-pricing of technology stocks. This affects not only the price of Twitter, but the expanse of Mr Musk’s personal wealth, the majority of which comes from his holding in Tesla, his electric vehicle company.

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