Will Elon Get Hostile With Twitter?

JC Parets
April 11, 2022

It didn’t even last a week!

The Elon and Twitter $TWTR team-up is over before it ever got started.

In a tweet last night, Twitter CEO Parag Agrawal announced that Elon had rejected the company’s offer to join the board.

The two will not be working together for now, at least not in a friendly way.

This means Elon’s involvement is likely to be more hostile, and possibly even more active. Agrawal alluded to this in his letter, warning that “there will be distractions ahead.”

Meanwhile, Elon was full of thoughts and ideas for the company this weekend, which he shared publicly on the platform.

Elon could take things in a number of directions from here. Does he buy more shares? He is no longer restricted to the 14.9% in the directors agreement.

Or, does he just take his ball and go home? Based on the eccentric billionaire’s past, we don’t think that’s likely.

We should have a lot more answers in the coming weeks.

As for new filings, there was another significant Form 4 from Altimeter Capital Management LP, which reported a $17 million purchase of Confluent Inc $CFLT.

That brings its total holdings to about 13 million shares, which represents an ownership stake of over 11%.

In its latest Form 4 filing, Coliseum Capital Management LLC reported a buy of 360,104 shares in GMS Inc $GMS, increasing its ownership to 12.84%.

The only 13D on our list today was filed by Impactive Capital LP, revealing an 8.6% ownership stake in Asbury Automotive Group $ABG.

Here’s The Hot List, with data through April 8, 2022:

In the options market, there was bullish options flow in the mining conglomerate Freeport-McMoRan $FCX and ride-hailing platform Lyft Inc $LYFT.

On the other hand, the Chinese electric vehicle manufacturer Li Auto $LI experienced bearish option flow. Chinese stocks are under pressure once again coming into the week, and LI is down about 6% in the pre-market.

Last but not least, Alabama Sen. Tommy Tuberville filed a Periodic Transaction Report declaring the purchase of two small-cap stocks.

Sen. Tuberville reported acquisitions worth up to $50,000 and $150,000 in the biotech stock Humacyte $HUMA and in the software company ChannelAdvisor Corporation $ECOM, respectively.

Rep. Kathy Manning  of North Carolina also reported buying shares of the semiconductor company ASML Holding N.V. $ASML.

Stay tuned. We'll be back Tuesday with more insider action.

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All Star Charts Team

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