Elon Musk says US$44bil Twitter deal on hold over fake account data


Twitter shares initially fell more than 20% in premarket trading, but after Musk, the chief executive of electric car market Tesla Inc TSLA.O, sent a second tweet saying he remained committed to the deal, they regained some ground.The shares were down 9.6% to $40.71 in trading on Friday, a steep discount to the $54.20 per share acquisition price.

Elon Musk tweeted on Friday that his $44-billion cash deal for Twitter Inc TWTR.N was "temporarily on hold" while he waits for the social media company to provide data on the proportion of its fake accounts.

Twitter shares initially fell more than 20% in premarket trading, but after Musk, the chief executive of electric car market Tesla Inc TSLA.O, sent a second tweet saying he remained committed to the deal, they regained some ground.

Subscribe now and receive FREE sooka plan for 1 month.
T&C applies.

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Elon Musk , Twitter , Tesla , shares ,

   

Next In Business News

Synthetic products to drive growth for Karex
Strong financial grasp critical for investors
Licence freeze to have impact on Xin Hwa
Gagasan Nadi in RM185mil acquisition
Proton October sales climb 13.6% to 12,799 units
Aneka Jaringan wins RM39mil job
TCS bags RM86mil contract
Ringgit maintains stronger footing at the close
Zetrix platform set to spur MyEG’s earnings
Capacity growth, diversified product mix fuel optimism on OM Holdings

Others Also Read