Trader makes $2.5 million in minutes thanks to reporter’s tweet
NEW YORK — One savvy (or lucky) person made around $2.5 million in less than half an hour because of a well-timed trade.
According to CNBC, someone saw a tweet from a Wall Street Journal reporter about one of the biggest tech deals of the year.
Just seconds after the tweet was sent, a trader purchased 315,800 shares of chipmaker Altera. CNBC reports the shares were sold to the trader at $36 each with a call option at 35-cents.
Talks of a buyout from Intel made Altera’s stock soar by the time the market closed 28 minutes later.
At that point, the trader sold the shares valued at $44.39 each, an increase of 28-percent, with a call option of $8.10.
When you factor in the call option, the trader made a 2,200-percent profit, for a total of $2,539,832.
As for the business deal, it would be Intel’s largest acquisition.