Apollo Global Management, Inc. (NYSE: APO) is thinking of supporting a deal to acquire Twitter (NYSE: TWTR), The Wall Street Journal reported, citing people familiar with the matter.
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The investment management firm could provide equity or debt to back Elon Musk or any other bidder to take over the social media platform, the sources said.
New York-based Apollo Global is the latest Wall Street heavyweight to join the list of interested parties supporting a deal for Twitter.
After the news was released on Monday, TWTR stock gained 7.5% to close at $48.45. It went up another 0.7% in the extended trading session to end the day at $48.80.
Price Target
Overall, the stock has a Hold consensus rating based on five Buys, 20 Holds and three Sells. TWTR’s average price target of $45.57 implies 6% downside potential. Twitter has gained almost 30% over the past three months.
Website Traffic
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (NYSE: SEMR), the world’s biggest website usage monitoring service, offers insight into Twitter’s performance.
According to the tool, Twitter’s website traffic registered a 7.3% rise in global visits in March, compared to February. Further, the footfall on the company’s website has grown 207.5% year-to-date against the same period last year.
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