Twitter Inc. stock rose on Monday, boosted by hopes that the firm would soon clinch a deal to sell itself to Elon Musk.
In early trade, shares of the social networking company rose as high as $51.89 before settling at $50.80. Mr. Musk’s offer of $54.20 is still a few dollars short of the total.
The stock of Twitter has been swinging wildly this month as investors have followed Elon Musk’s offer to buy the San Francisco-based company.
Twitter shares have risen 30 percent after Mr. Musk announced an approximately 9% investment in the company in early April. On a year-to-date basis, this has driven Twitter higher, surpassing other technology businesses and the broader market. The S&P 500 has lost 11% this year.
Individual investors have flocked to Mr. Musk’s bid for the platform, pouring a net $747 million into the stock in April, according to Vanda Research data through Friday. That’s about ten times the group’s average monthly buy in 2021.
Mr. Elon Musk has amassed a devoted following of retail investors as the CEO of Tesla. The electric vehicle manufacturer’s stock fell 1.3 percent on Monday.
