Stock loses massively: Elon Musk puts Twitter takeover on hold

Stock loses massively
Elon Musk puts Twitter acquisition on hold

Elon Musk’s Twitter deal is shaky. The Tesla boss writes – on Twitter – that he first wants information on whether fake accounts account for more than five percent of users. Until then, he temporarily puts his purchase project “on hold”.

Elon Musk’s $44 billion takeover of Twitter is on hold. The Tesla boss announced this and justified it with the lack of information on the number of spam and false accounts with the short message service from the USA. It must first be proven that these accounted for less than five percent of the users.

The online service published this estimate of five percent earlier in the week. Musk had previously stated that he wanted to ban accounts that are used to send spam messages from the platform.

Twitter stock quickly fell nearly a quarter in premarket trading after Musk’s tweet, to trade at around $34.50. That’s a far cry from the $54.20 a share Musk had promised shareholders. The paper went out of business on Thursday at $45.08 – a sign of investor skepticism that Musk is actually going through with the deal.

Shortly after his first tweet, Musk wrote another short message in which Musk assured that he was still interested in Twitter. He is sticking to the takeover plans, he wrote without further details. Shortly thereafter, Twitter’s share price recovered slightly.

The boss of the electric car manufacturer Tesla had agreed on a takeover with the Twitter board of directors. But he is still dependent on enough shareholders wanting to sell him their shares. Twitter and Musk previously wanted to complete the acquisition by the end of the year. In the past few months, he has already bought a good nine percent stake in Twitter on the stock exchange.

Twitter 39.27

Twitter was initially unavailable for comment. The US group has pointed out various risks in connection with the Musk acquisition, including the question of the extent to which advertisers would continue to operate on the platform.

The boss of the electric car manufacturer Tesla had agreed with the Twitter board of directors on a deal worth around 44 billion dollars. But he is still dependent on enough shareholders wanting to sell him their shares. Twitter and Musk previously wanted to complete the acquisition by the end of the year. In the past few months, he has already bought a good nine percent stake in Twitter on the stock exchange.

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