Elon Musk Says His $44 Billion Purchase of Twitter Is Currently On Hold; Twitter Shares Goes Down 19%


This Friday, Tesla and SpaceX CEO Elon Musk confirmed that his purchase of Twitter for $44 billion is temporarily on hold, citing that he and the platform are still actively pinpointing the precise number of fake and spam accounts.

Musk also quickly responded to the rumors that he may now be feeling hesitant to continue the purchase by posting a supplementary tweet stating that he is still committed to the multi-billion dollar acquisition.

While Musk’s takeover of the popular social media platform is still well on the way, its stocks recently faced a downward trend in their market price value, dropping by as much as 19% in a single day. On the contrary, the share price of Tesla, Musk’s automotive manufacturing company, experienced a brief jump in the same period, going up by 7%.

Interestingly, Musk’s confirmation that the Twitter acquisition is still ongoing came only 24 hours after the company fired two of its top managers. At that time, Twitter stated that most of its hiring would be paused, excluding critical positions. On top of that, the company also noted that it is currently pulling back on non-labor costs in an effort to be more efficient and responsible.


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