Analysis-Musk’s Twitter bet gins up meme stock hype

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Reuters UK

By Krystal Hu NEW YORK (Reuters) – Kyle Ash snapped up 2,000 pounds ($2,615) worth of Twitter Inc shares as soon as he heard that Elon Musk had become the social media company’s largest shareholder. The 25-year-old retail worker from Reading, Britain bought into Twitter on Monday after shares surged 27% on news of Musk’s investment in the San Francisco-based company. Ash paid $49 per share on average, versus the $44 price target from analysts covering Twitter’s stock. Bullish bets that go against Wall Street’s conventional wisdom have been a hallmark of the “meme” stock trading frenzy that has…

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