Shares of TWTR are off by 10% today after Elon sent this tweet out.
Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of usershttps://t.co/Y2t0QMuuyn
— Elon Musk (@elonmusk) May 13, 2022
Frankly, it was only a matter of time, given the market conditions, for Elon to impose some hardball tactics with the Twitter board. If it weren’t for the Elon bid the stock would be in the 20s now for sure.
Some believe Elon will pay the $1b break up fee and walk away. I don’t believe that is the case and think the market is assessing correctly the new buyout price, around $40.If you enjoy the content at iBankCoin, please follow us on Twitter