Xero Stock Rises 13% After Facebook Director Peter Thiel Plans Investment
Xero Ltd. is headed for its biggest gain in almost three months in Wellington trading after the New Zealand accounting software developer said San Francisco-based Peter Thiel plans to buy shares in the business.
Thiel, co-founder of PayPal and a director of Facebook Inc, will invest NZ$4 million ($3 million) through a share placement at NZ$1.4918 a share, Xero said in a statement. The stock rose 6 percent, the biggest gain since July 23, after earlier surging 17 percent.
Xero shares rose 9 cents to NZ$1.58 at the 5 p.m. market close in Wellington.
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