Twitter Stock Plunges As Elon Musk Says $44 Billion Takeover 'On Hold', But Still 'Committed'

Updated at 9:33 am EST

Twitter  (TWTR) – Get Twitter, Inc. Report shares plunged lower in pre-market trading after Tesla  (TSLA) – Get Tesla Inc Report CEO Elon Musk said his $44 billion takeover of the social media group was “temporarily on hold”.

Shares pared some of their declines, however, after Musk said he was ‘still committed to acquisition.”

Musk made both declarations through his verified Twitter account early on Friday in response to a Reuters story from May 2. The story, based on a Twitter 10-Q filing with the Securities and Exchange Commission, stated that Twitter had 229 million users who viewed consistent ads, adding that fewer than 5% of its so-called ‘monetizable daily active users’ were false or spam accounts.

Source link

Leave a Reply