Notable investment firm Hindenburg Research announced that they were short Twitter ($TWTR, NYSE), citing concerns over the future of the social media giant with Elon Musk at the helm. Musk, CEO of electric vehicle manufacturer Tesla ($TSLA, NASDAQ) and space technology company SpaceX (privately owned), recently agreed to a deal to buy Twitter for $44 billion.
Elon Musk has said that one of his goals in buying Twitter is to quadruple its revenue to $26.4 billion by 2028. It is anticipated that at least for the time being, Musk will assume the position of CEO once the deal goes through.
Unusual Options Activity: Some of the unusual options activity surrounding Twitter are a bearish COPE and flow ratio and the largest trades being placed are also bearish.
Price Action: Shares of Twitter are trading at $48.70 at the time of publication, down 2.21% to start the week.