Twitter stock dropped Friday in premarket trading after reports suggested that Elon Musk’s $44 billion acquisition offer to the social media company was uncertain.
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“Musk’s deal for you to buy Twitter (TWTR“The () is in serious danger.” Washington Post. Musk’s team concluded that Twitter’s statistics on spam accounts could not be verified.
Twitter stock fell 4.3% at 37.10 in afternoon trading on the Stock market today.
Since Musk’s April bid for Twitter to be acquired by him at $54.20 per share, the stock of Twitter has been on a roller coaster ride.
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The deal was ultimately approved by the board. Twitter stock actions showed that there is still uncertainty over whether or not the deal will be completed.
Twitter Stock: Musk Team Ends Talks
According to the Post, Musk’s team stopped participating in discussions regarding funding the $44 Billion deal.
Musk pulling out of the deal could lead to a major legal battle. The original deal included a $1B fee for each side if the deal is canceled.
The Wall Street JournalTwitter cut 30% of its talent acquisition group to deal with increased business pressures. These layoffs will affect less than 100 employees. According to the report, cuts will be made only in the talent acquisition department.
The Journal reported that a Twitter spokesperson confirmed the layoffs, but declined to comment further.
Follow Brian Deagon’s Twitter @ @IBD_BDeagon for more on tech stocks, analysis and financial markets.
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