Elon Musk Puts Twitter Deal On Hold: Here’s Why
It remains unclear if Musk has taken any official steps to halt the acquisition. Since Musk’s $44-billion offer was made public in April, Twitter’s stock price has crashed — and as noted by NBC, as of Friday morning Twitter was worth around $35 billion.
These recent developments have led to many people questioning Musk’s commitment to the deal, with some even wondering if the deal would even go through. Musk’s plan to acquire Twitter was agreed upon by the Twitter board on April 26 after Musk said he would buy the company for $54.20 per share. This offer came at a time when Twitter’s shares were trading for less than $50, causing many people to be skeptical about Musk going ahead with his offer.
Elon’s newest move comes one day after Twitter CEO Parag Agrawal fired two senior Twitter executives, including Kayvon Beykpour who was the general manager of consumer products — and Bruce Falckwhile, who was the revenue product lead and head of business products. Twitter also confirmed that it was freezing all hiring — except for business-critical posts for the time being.
Needless to say, the newest announcement from Musk only adds another layer of uncertainty over the tech billionaire’s eventual plans for Twitter.
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May 13, 2022 at 08:55AM