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Friday, July 1, 2022

Musk Says Twitter Deal at Lower Price ‘Not Out of the Question’

Musk Says Twitter Deal at Lower Price 'Not Out of the Question'
© Reuters

By Yasin Ebrahim 

Investing.com — Elon Musk said Monday that a cut-price deal for Twitter wouldn’t be “out of the question” after the billionaire paused the deal last week, citing concerns over fake accounts on the social media platform.

Musk spoke at a conference hosted by a podcast called “All-In” led by Chamath Palihapitiya, Jason Calacanis, David Sacks and David Friedberg.  

Twitter (NYSE:TWTR) was down 7% in recent trading. 

Musk last week said the $44 billion deal to take Twitter private was “temporarily on hold” as he awaits confirmation that spam or fake accounts do represent less than 5% of users. 

The move sparked widespread speculation that Musk was seeking to negotiate a lower price than the $54.20 per share offered for the company last month. If the potential lower price isn’t accepted, and Musk ultimately walks away, “then the stock would likely see a sub $30 level with a broken deal in this shaky market backdrop,” Wedbush said.

 

Source: Investing.com

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