Homepage
PR Newswire
13-05-2022, 09:23 PM
Elon Musk says Twitter deal on hold pending details on fake accounts; shares sink 11%
* Twitter’s stock plummeted 18% in premarket trading following the initial announcement, but trimmed some losses after the second tweet.
* Musk announced last month that he intends to buy Twitter for $44 billion.
* He’s tweeted that one of his main priorities would be to remove “spam bots” from the platform.
Sam Shead
PUBLISHED FRI, MAY 13 20225:56 AM EDT | UPDATED 28 MIN AGO
Elon Musk announced Friday that his Twitter deal is on hold until he receives more information about how many fake accounts there are on the social media platform.
In a follow-up tweet around two hours later, Musk added that he was “still committed to the acquisition.”
Twitter’s stock plummeted 18% in premarket trading following the initial announcement, but trimmed some losses after the second tweet. A spokesperson for the social media company did not immediately respond to a CNBC request for comment.
Tesla CEO Musk announced last month that he intends to buy Twitter for $44 billion and he’s previously tweeted that one of his main priorities would be to remove “spam bots” from the platform.
Even before Friday’s announcement, the company’s market value had fallen to $9 billion beneath the offer price due to concerns about the deal.
Musk, who is expected to serve as Twitter’s temporary CEO if the deal goes ahead, would have to pay a $1 billion breakup fee should he choose to walk away. Musk is worth more than $220 billion.
More details in https://www.cnbc.com/2022/05/13/elon-mus...ounts.html
* Twitter’s stock plummeted 18% in premarket trading following the initial announcement, but trimmed some losses after the second tweet.
* Musk announced last month that he intends to buy Twitter for $44 billion.
* He’s tweeted that one of his main priorities would be to remove “spam bots” from the platform.
Sam Shead
PUBLISHED FRI, MAY 13 20225:56 AM EDT | UPDATED 28 MIN AGO
Elon Musk announced Friday that his Twitter deal is on hold until he receives more information about how many fake accounts there are on the social media platform.
In a follow-up tweet around two hours later, Musk added that he was “still committed to the acquisition.”
Twitter’s stock plummeted 18% in premarket trading following the initial announcement, but trimmed some losses after the second tweet. A spokesperson for the social media company did not immediately respond to a CNBC request for comment.
Tesla CEO Musk announced last month that he intends to buy Twitter for $44 billion and he’s previously tweeted that one of his main priorities would be to remove “spam bots” from the platform.
Even before Friday’s announcement, the company’s market value had fallen to $9 billion beneath the offer price due to concerns about the deal.
Musk, who is expected to serve as Twitter’s temporary CEO if the deal goes ahead, would have to pay a $1 billion breakup fee should he choose to walk away. Musk is worth more than $220 billion.
More details in https://www.cnbc.com/2022/05/13/elon-mus...ounts.html
Specuvestor: Asset - Business - Structure.