Twitter stock sheds all of its gains since Elon Musk disclosed stake
This photo illustrates Elon Musk’s Twitter account on a smartphone screen with the Twitter logo as background.
Pavlo Gonchar | Lightrocket | Getty Images
TwitterSince then, shares have lost all their gains. Elon MuskLast month, he disclosed that he had purchased a 9.9% share in the company.
On Monday, the stock fell by 6% to $38.25. This was below the closing price of $39.31 in April’s final trading session. revealed his minorityTwitter shares ownership. An investor who was concerned that Musk would abandon his April agreement to buy Twitter has been selling the stock. $44 billionShares: $54.20, or $54.20
Although the stock had been in decline since early last week the sale accelerated upon Musk’s tweet on Friday that the deal is on holdHe will not release any more information about the fake accounts or how common they are. Later, he wrote that he was “still committed” to acquisition. This prompted Twitter chairman Bret Taylor to reply “We too are.”
Musk, billionaire CEO TeslaSpaceX raised alarm further when he tweeted over the weekend about Twitter’s algorithm problems and “potential bugs” in its code.
Twitter will be live on Thursday announced it was freezing hiring, rescinding offers and cutting costs. Kayvon Beykpour was the head of consumer products, and CEO Parag Agarwal requested that he also leave.
Agrawal indicated Friday that he expected the Musk sale to happen, and that he was prepared to “lead and operate Twitter” even if it didn’t.
Twitter’s stock price has continued to slide, and it is currently valued at just over $29 Billion, which is roughly $15 billion less than Musk’s purchase price.
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