Twitter Sees Global Outage Amid Elon Musk Feud

Options bears have been targeting the social media giant

Deputy Editor
Jul 14, 2022 at 1:33 PM
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Twitter Inc (NYSE:TWTR) has been in the spotlight plenty lately, amid the ongoing and highly publicized back-and-forth between the social media giant and Elon Musk. When we last checked in earlier this week, Twitter had just threatened to sue the Tesla (TSLA) CEO for backing out of his buyout deal, and the company is now carrying through with that promise.

Today, however, the buzz around Twitter was mostly due to its global blackout this morning. Due to some trouble with its internal systems, Twitter was down for about an hour, and came back at around 9 am. At last glance, TWTR was down 1.2% to trade at $36.31. 

Over in the options pits, puts have been much more popular than usual in the last two weeks. This is per TWTR's 10-day put/call volume ratio of 1.50 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks higher than all but 1% of readings from the past year. 

This bearish sentiment appears to be holding true today as well, with 69,000 puts and 47,000 calls across the tape so far. The January 2023 29-strike put is the most popular, followed by the August 40 call. 

 

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