Twitter, Advent Technologies, HP, and Pfizer – Weekly News Digest (4–8 April)
The weekend is almost here, and we've got a new digest of interesting market news for you. Elon Musk becomes Twitter's largest shareholder, Berkshire Hathaway invests in HP, Pfizer signs a contract with ReViral, and Advent Technologies will collaborate with Hyundai.
ElElon Musk joins the board of directors of Twitter
On Monday 4 April, Bloomberg made it known that Tesla's CEO, Elon Musk, purchased 73.5 million Twitter shares, thereby taking a 9.2% stake in Twitter and becoming its largest shareholder. Bloomberg assesses Musk's stake to be worth about $2.89 billion.
After this information was revealed, the stock quotes of Twitter Inc. (NYSE: TWTR) surged 27.12%, reaching $49.97 at the closing of the trading session on 4 April. The quotes rose by 9% more at the beginning of the next session. The reason was the news that Musk will be on the board of directors of Twitter.
By the terms of the agreement, Musk will remain on the board until the meeting of the shareholders in 2024. Over this time, his maximum stake at Twitter cannot exceed 14.9%.
Advent Technologies announced its cooperation with Hyundai
On Wednesday 6 April, the American developer of innovative highly-efficient fuel cells and hydrogen technologies, Advent Technologies Holdings, announced the signing of an agreement with the South Korean car manufacturer Hyundai Motor.
The two companies will be collaborating on new technology that will help to reduce carbon emissions in the atmosphere. Advent Technologies Holdings will receive Hyundai Motor catalysts for membrane electronic assembly. After testing the elements, experts will assess the efficiency of this work and modernise it if necessary.
On 6 April, the news about the collaboration with Hyundai Motor Company sent the shares of Advent Technologies Holdings Inc. (NASDAQ: AND) skyrocketing 79.7% to $3.63. However, the next trading session closed with a decline of 9.1% to $3.3.
Berkshire Hathaway invests in HP
On Thursday 7 April, the Wall Street Journal published an article about Warren Buffett’s holding company Berkshire Hathaway becoming the largest shareholder of HP, the manufacturer of computers and office equipment.
According to the US SEC, Berkshire Hathaway bought 121 million shares of the tech company for $4.2 billion. As a result, Buffett’s company now owns almost 12% of HP.
On the same day, the share price of HP Inc. (NYSE: HPQ) jumped 14.75% to $40.06. This is HP's most prominent stock growth in 2022. Since January, the shares had seen a 6.3% growth.
Pfizer acquires ReViral
On Thursday, Reuters reported that Pfizer was buying the pharma company ReViral for about $525 million. According to the news agency, the aim of the purchase is to access experimental technologies for new generation drugs.
ReViral specialises in the therapy of the respiratory syncytial virus. For now, the company produces four drugs against diseases caused by the RSV. According to Reuters, the medicine market will have reached $6.3 billion by 2030, increasing 14 times.
On 7 April, after the market heard about the purchase of ReViral, the shares of Pfizer Inc. (NYCE: PFE) skyrocketed 433% to $55.16. The stock quotes have been growing for three sessions in a row. However, note that since the beginning of 2022, the stock prices dropped by 6.6%.
Elon Musk bought 9.2% of Twitter shares and joined the board of directors of the company. The announcement drove the share prices of the social network up 27%.
Advent Technologies Holdings and Hyundai Motor Company signed a cooperation agreement. The shares of the former recorded growth of almost 80%.
Berkshire Hathaway bought 12% of the shares of HP, thereby becoming its largest shareholder. The stock prices of the maker of computers and office equipment reacted with a 15% rise.
Pfizer shares jumped 4% after the management announced the acquisition of a pharma company called ReViral.