Cloud Computing: Billionaire’s investment makes Rackspace stock jump
August 14, 2014
Grazed from BizJournals. Author: Mike W. Thomas.
Rackspace Hosting’s stock jumped Thursday, Aug. 14, on news that hedge fund billionaire Daniel Loeb had purchased a multi-million dollar stake in the cloud-computing company. Loeb’s Third Point LLC had purchased shares valued at $244 million by the end of June, according to a filing with the U.S. Securities and Exchange Commission, Bloomberg reports.
Rackspace recently announced a renewed focus on providing support-based cloud services to the market amid swirling speculation about a possible buyout of the company…
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