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Feb 13, 2019

Twitter jumps after Morgan Stanley discloses stake

The Twitter Inc. logo is displayed on the screen of an Apple Inc. iPhone 6s in this arranged photograph taken in New York, U.S.

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Shares of Twitter Inc. surged on Wednesday, after Morgan Stanley disclosed a large stake in the social-media company, according to a 13G filing.

The stock jumped as much as 4.8 per cent in its biggest one-day percentage gain in more than a month. It is on track for its third straight daily gain. Shares of peer Snap Inc. climbed 4 per cent.

Morgan Stanley revealed a 5.6 per cent stake in Twitter, according to the filing. Based on Bloomberg data, the investment bank owns more than 43.3 million shares, making it the third-largest shareholder behind Vanguard and BlackRock.

Twitter shares have gained more than 10 per cent thus far this year. Last week, it gave a lackluster first-quarter sales forecast and reported tepid user growth.

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