18.6 C
New York

Twitter Deal Drama—Musk’s Deal On Hold

Date:

With Elon Musk, we should have known it wasn’t going to be that easy.

Musk tweeted out early Friday his $44 billion cash deal for Twitter was “temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5 percent of users.”

Although shares of Twitter fell more than 20 percent in premarket trading, they bounced back after Musk sent out a follow-up tweet saying he is “still committed” to the deal.

Search less. Close more.

Grow your revenue with all-in-one prospecting solutions powered by the leader in private-company data.

Musk agreed to buy Twitter on April 25. He also waived due diligence in an effort to push the social media giant to accept his “best and final offer.”

The Tesla CEO agreed to pay $54.20 per share, or around $44 billion, to acquire the company and take it private. That price represents a significant premium over the $41 the company’s shares are hovering around now.

Illustration: Tesla Owners Club Belgium Creative Commons photo

image

Stay up to date with recent funding rounds, acquisitions, and more with the
Crunchbase Daily.

  • Coinsmart. Europe’s Best Bitcoin and Crypto Exchange.Click Here
  • Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
  • Source: https://news.crunchbase.com/news/twitter-deal-elon-musk-tesla/

This Post was originally published on Crunchbase

Related articles

spot_img

Recent articles

spot_img