Elon Musk May Be Looking to Get Out of Twitter Deal, the Social Media Giant’s Stock Drops Drastically
- Elon Musk may be looking to get out of his Twitter deal after the company’s stocks fell to 4% in pre-market trading
- It was recently published that the billionaire’s deal to acquire the social media giant was in “serious” jeopardy
- The world's richest person's team reportedly did not have enough information to judge Twitter’s business proposal
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UNITED STATES - Analysts suggest that Elon Musk may be looking to get out of his Twitter deal after the company’s stocks fell to 4% in pre-market trading on Friday, 8 July. The stock’s drop came after it was published that the billionaire’s deal to acquire the social media giant was in “serious” jeopardy.
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Musk’s team has reportedly refrained from certain discussions surrounding the purchase. According to Business Insider South Africa, his team determined that it cannot verify Twitter’s data and amount of spam accounts on the platform.
The world’s richest person temporarily put the deal on hold in May after he wanted to probe Twitter’s claim surrounding spam accounts. Musk’s team reportedly did not have enough information to judge Twitter’s business proposal.
Mybroadband reported that Twitter said that spam bots represent less than 5% of its user base. A Twitter spokesperson said the company would continue to cooperatively share information with Musk to consummate the transaction in accordance with the terms of the merger agreement.
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Elon Musk: World’s richest man loses R197 Billion in a day amid Twitter takeover row
In a related matter, Briefly News also reported the world’s richest person, Elon Musk, has lost $12.3 billion (R197 billion) in one day amid the Twitter takeover row. Bloomberg reported that Musk lost $49 billion since he launched a bid to acquire Twitter in April 2022.
Musk’s Tesla Inc. recorded a slump of R197bn in one day as he tweeted about his political switch from Democrat to Republican. He said that the Environmental Social Standards (ESG) was a scam and changed his mind to support Democrats.
Source: Briefly News
