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.
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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