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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