Elon Musk sent Twitter’s stock on a rollercoaster ride early Friday as he claimed that his $44 billion deal to take over the site was “temporarily on hold” — then insisted hours later that he was “still committed” to the buyout.
“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” the Tesla CEO said in an early Friday tweet at 5:44 a.m.
Twitter’s stock then dipped more than 25% to as low as $33.79 in pre-market trading — far below Musk’s marijuana-themed purchase price of $54.20, indicating investors were betting the deal wouldn’t go through.
I don’t believe that is the reason. More than likely they are dumping stock because they figure advertiser will cancel if they eventually find out they have been spending money on pushing their wares on automated accounts that do not spend money. Basically, they were bamboozled by Dorsey Und Company and will no longer advertise with the platform.
Cybernetic ghosts do not buy shit.
PS: Musk may end up buying the company for pennies.