In this photo example, Elon Musk’s Twitter account shows the Twitter logo on the screen of a smartphone and in the background.
Pavlo Gonchar | Lightrocket | Getty Images
Twitter shares have given up all their profits since Elon Musk was released last month that he bought a 9% stake in the company.
The stock fell 6% to $ 38.25 on Monday, falling below the closing price of $ 39.31 on April 1, in the last trading session before Musk revealed its minority ownership on Twitter. Investors are dumping stocks amid concerns that Musk is set to abandon his deal to buy Twitter at the end of April for $ 44 billion, or 54 54.20 per share.
Although the stock was already on the decline early last week, sales accelerated after Musk tweeted on Friday that the deal was stuck until he could find out more details about the fake account and how widespread it was on the platform. He later wrote that he was “still committed to the acquisition”, prompting Twitter chairman Brett Taylor to respond, “We are too.”
Musk, the billionaire CEO of Tesla and SpaceX, raised further concerns over the weekend’s tweets about Twitter’s algorithms and other “potential bugs in the code.”
On Thursday, Twitter announced that it was hiring, canceling offers and cutting costs. Two executives, including consumer goods chief Kayvan Bekpur, have also left the company, saying CEO Parag Agarwal had asked them to leave.
Agarwal said on Friday that he still hopes to sell to Mask, but if not, he is ready to continue “leading and managing Twitter”.
With the stock continuing to slide, Twitter has now agreed to buy the mask at a price of $ 29 billion, or roughly $ 15 billion less.
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