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

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.

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