Musk’s acquisition of Twitter has been turbulent, and Twitter’s stock price has also fluctuated. A few days ago, Musk decided to suspend the acquisition of Twitter due to Twitter’s fake account and spam. The news affected Twitter’s intraday stock price drop on Monday (16th). Nearly 8%, all the gains since Musk previously announced his 9% stake in Twitter.
Before the time of writing, Twitter (TWTR-US) fell 7.87% during the session, with a tentative price of $37.52 per share, which fell below the $38 per share when Musk previously announced a 9% stake. The current market value is $28.07 billion, far lower Yu Musk proposed a $44 billion acquisition price of about $16 billion.
Musk tweeted on Friday that the acquisition would be on hold until he learns more details about fake accounts and the proliferation of fake accounts on the platform. However, he later posted that he was “still committed to acquiring Twitter,” a move that prompted Twitter chairman Bret Taylor to respond: “So do we.”
However, the news of the deal being put on hold sounded the alarm that the deal could collapse, and investors began to sell Twitter shares, which fell all the way below the water level before Musk announced his stake, giving back all gains.
In addition, Twitter also revealed the uncertainty during the acquisition. Last week, it announced a freeze on hiring and other cost-cutting measures, including the departure of two Twitter top consumer product executives Kayvon Beykpour and revenue executive Bruce Falck. especially, among them Beykpour said it was Twitter CEO Parag Agrawal who wanted him to go.
However, Agrawal still expects Musk’s acquisition to go smoothly and is prepared to continue to lead and operate Twitter in case the deal falls through.
