Twitter Stock News and Forecast: TWTR soars as Elon Musk buys stake

Twitter stock soars after Elon Musk discloses a large stake.
TWTR stock is currently over 20% higher in Monday's premarket.
TWTR stock closed Friday at $39.31 but is trading at nearly $50 in the premarket.

Ivan Brian FXStreet

Twitter stock (TWTR) is trending on its own social media platform as news breaks of Elon Musk taking a significant stake. Elon Musk of course is a major user of the social media site and is one of the most-followed people on Twitter. Elon Musk has over 80 million followers on the platform.

Twitter Stock News

News broke this morning that Tesla boss Elon Musk has purchased a 9.2% stake in Twitter. The news immediately saw TWTR stock soar and rally strongly. At present, TWTR shares are up over $49 in the premarket and heading for $50. The news makes Twitter stock one of the top trending names on various social media sites including Twitter itself. The stake is through the Elon Musk Recoverable Trust. The trust owns just over 73 million shares in the platform.

Twitter Stock Forecast

This move corrects a lot of the recent fall and brings Twitter's stock back to where it was trading in November of last year. Now Twitter is near resistance at $52, a high volume area shown by the large volume bars to the right of our chart below. Also, this is where the 200-day moving average stands and so adds to the resistance profile. This may stall the move for now until further clarity on what Elon Musk intends to do with the stake if anything. Support is at $40.

Twitter (TWTR) stock chart, daily

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

EUR/USD: Breakdown below trading range support near 1.1770 comes into play

The EUR/USD pair opens with a bearish gap at the start of a new week as the US-Iran war-led global flight to safety boosts the US Dollar. Spot prices, however, lack follow-through selling and manage to hold above mid-1.1700s during the Asian session.

GBP/USD targets 1.3500 barrier near moving averages

GBP/USD rebounds from the daily losses, trading around 1.3450 during the Asian hours on Monday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.

Gold jumps over 2% toward $5,400 after US, Israel attack Iran

Gold is on fire at the start of the week, a widely expected move, as investors seek harbor in the traditional store of value, following the continued US and Israel attacks on Iran. The bright metal opened with a bullish gap of about $17 and rallied toward the $5,400 level as Asian traders hit their desks and reacted negatively to the weekend news of the Middle East conflict, rushing for cover in Gold.

Iran escalation: Quick thoughts on markets

Markets are likely to open the week with risk-off, with declines led by airlines, cyclicals and trade-exposed names, while energy, defense and “strategic” sectors may be relatively steadier.

Crisis in the Middle East: The market reaction

A primer on how markets will open on Monday, and why geopolitical risk may not be easily absorbed by financial markets this time around. Geopolitics and events between Iran, the US and the wider Middle East will dominate financial markets on Monday. The situation has continued to escalate as we move through Sunday.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.