Twitter stock PLUMMETS after Elon Musk ends ownership bid

Twitter stock PLUMMETS after Elon Musk ends ownership bid. Image: Kathy Hutchins/Shutterstock.com

The stock price of Twitter has DRAMATICALLY fallen after the news that Elon Musk intended to withdraw his bid to purchase the platform. 

Following the Elon Musk bid withdrawal revelation, Twitter’s stock fell to $34.80 by 12:05 pm CET on Monday, July, meaning it had dropped a STAGGERING 5.46 per cent over the weekend.

The stock price had fallen by 5.10 per cent before the weekend after Musk announced he no longer wanted to purchase the social media site.

As of 4 pm CET on July 11, the stock had plummeted further down to $34.24, far below its previous high in the past year of $73.34.

Elon Musk pulled out of his bid to buy Twitter after he was denied access to information about how many bots were active on the social networking platform.

Musk had previously agreed on a deal worth €41 billion to buy Twitter, in an agreement made between the world’s richest man and the company on April 25.

Twitter chairman Bret Taylor responded to the news by insisting that Musk would be forced to complete the purchase of Twitter in court.

In a statement, Taylor said that: “the Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.”

In a post sent on Jul 11, Elon Musk took to Twitter himself to mock the company’s board after their announcement.

Musk said that Twitter would need to reveal in court the bot information that he was denied access to when researching the company’s accounts as part of the buying process.

“They said I couldn’t buy Twitter,” Musk said in the tweet. “Then they wouldn’t disclose bot info. Now they want to force me to buy Twitter in court. Now they have to disclose bot info in court.”

The post was accompanied by several photos of Musk laughing. 


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Written by

Tom Hurley

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