Bill Miller Loves Twitter At $16

Shares of Twitter Inc TWTR were trading higher by more than 2 percent ahead of Wednesday's opening bell.

ClearBridge's Bill Miller was a guest on CNBC's Squawk On the Street and apparently said he "loves Twitter at $16." Investors and traders found Miller's commentary encouraging, especially since the fund manager is known to be a value investor, not a technology investor.

Miller pointed out that Twitter is a network of interests while Facebook Inc FB is a network of friends. The difference between the two platforms could create opportunities for shareholders.

Miller's commentary on Twitter appears to be more fundamental based and doesn't indicate he is preparing an activist or proxy battle against the company.

According to Whale Wisdom, Clearbridge Investments, LLC owns 7.61 million shares of Twitter while Clearbridge, LLC owns 42,300 shares of the social media company.