Well, everyone wants to make sure they get a fair deal: Elon Musk says Twitter deal on hold pending details on fake accounts; shares sink 9%.
Elon Musk announced Friday that his Twitter deal is on hold until he receives more information about how many fake accounts there are on the social media platform.
In a follow-up tweet around two hours later, Musk added that he was “still committed to the acquisition.” Twitter’s stock plummeted 18% in premarket trading following the initial announcement, but trimmed some losses after the second tweet.
Ever since Elon Musk made his intentions clear, it’s been entertaining to watch this unfold.
The Hinderberg Research published an article: We See a Significant Risk That The Twitter Deal Gets Repriced Lower:
1. Nasdaq Has Plummeted ~17.6%, Implying A Twitter Price of ~$31.40 Per Share Without a Deal
2. Twitter Reported Weak Quarterly Results And Disclosed It Had Overstated Its Users (Again) Just 3 Days After Accepting Musk’s Offer, Suggesting Further Downside That Has Not Already Been Priced In, Should Musk Walk Away
3. Musk Indicated He Will Sell His 9.2% Twitter Stake Should a Deal Not Consummate
But, I did not expect this at all: Twitter CEO Parag Agrawal says he fired key execs due to ‘challenging’ economy.
Kayvon Beykpour, who’d been head of product at Twitter since the acquisition of Periscope fired off a few tweets when this news broke out.
Kayvan Beykpour had done a tremendous job and played an important role to set up a good product strategy for Twitter.
Bruce Flack the other executive who was laid off took very little time to update his Twitter Bio.
Not sure how Twitter Inc. is reacting to this decision.