Elon Musk ‘Temporarily’ Shelves $44 Billion Twitter Deal to Conduct Due Diligence

Elon Musk has decided to temporarily halt his acquisition of Twitter (NYSE: TWTR), in order to allegedly conduct due diligence on the social media company’s fake accounts data.

Musk on Friday tweeted that his planned $44 billion purchase of the San Francisco-based company was put “temporarily on hold” while he awaits additional data on the actual number of spam accounts cluttering the site. The Tesla CEO cited a previous Reuters article that outlined the proportion of fake Twitter accounts, which Twitter later suggested may actually be substantially higher.

Initially, when Musk agreed to the acquisition on April 25, he decided to forego due diligence in an effort to secure an acceptance of his “best and final offer.” Although he assured his 92 million followers that he’s still committed to buying the company, shares of Twitter were sent trending further downward.

The tech sector overall has substantially plunged over the past several weeks amid a broader selloff linked to surging inflation and risks of a potential recession. The difference between Musk’s initial offer price and the Twitter stock’s value has further diverged in the past week, prompting speculation that the Tesla CEO may abdicate his commitment or negotiate a reduced price.


Information for this briefing was found via Twitter and Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall

Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project

Related News

Dogecoin Surges Another 20% as Elon Musk’s Upcoming SNL Appearance Fuels Rally

Dogecoin’s record rally does not appear to be subsiding anytime soon, as the meme join...

Thursday, May 6, 2021, 06:58:00 PM

X Claims It Owns All of Its Users’ Accounts Amid Infowars’ Pending Sale to The Onion

Elon Musk’s X is claiming it owns all its users’ accounts — including those belonging...

Wednesday, November 27, 2024, 02:19:00 PM

Senator Urges Democrats to Block Trump Nominees, Warns of A ‘Constitutional Crisis’

Democratic Senator Chris Murphy called on his party to block all presidential nominees until what...

Sunday, February 9, 2025, 01:35:00 PM

Tesla Reveals Plans for a 3-for-1 Stock Split

In its annual proxy statement filed with the SEC, Tesla (NASDAQ: TSLA) CEO Elon Musk...

Friday, June 10, 2022, 11:13:10 PM

Can Tesla Afford An Oncoming Union After Slashing Its Margins?

Tesla (Nasdaq: TSLA) may be facing yet another gargantuan battle in the form of a...

Tuesday, October 10, 2023, 11:24:00 AM