TWTR

Twitter, Inc.

38.23
USD
2.25%
38.23
USD
2.25%
31.30 73.34
52 weeks
52 weeks

Mkt Cap 30.57B

Shares Out 799.61M

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Elon Musk’s Deal to Buy Twitter Is On, Twitter Says

In another twist of the topsy-turvy Twitter saga, Twitter officials told employees that Tesla CEO Elon Musk’s deal to buy the social media platform is still on. That had Twitter investors feeling a little bit better. Bloomberg reported Thursday that Vijaya Gadde, legal, policy and trust lead at Twitter (ticker: TWTR), told workers the deal is moving forward and that there is no such thing as a deal being on hold. Twitter didn’t respond to a request for comment verifying the remarks. Twitter stock ended Thursday’s session up 1.2% to $37.29. The S&P 500 and Dow Jones Industrial Average 0.6% and 0.8%, respectively. Gadde’s comments might be semantics though if Musk was asked. Musk explained earlier this week on the All-In podcast some of his objections about the spam issue that led him to tweet out the deal was on hold. Musk believes that spam represents much more than 5% of daily active usage that Twitter claims in its filings. One anecdote he used on the podcast: One of the liked tweets in Twitter history has been liked by only about 2% of Twitter’s claimed active user base. That seems low to him. (The tweet was the one about Musk buying Coca-Cola.) If the percentage is far higher, Musk said that amounts to buying a house with not 5% termite damage but with damage that could consume the entire house. Musk wasn’t reached for comment. Twitter stock is about $2, or about 5%, below where it was before Musk’s initial stake was disclosed. The Nasdaq Composite Index, however, is down about 20% over the same span. And Twitter shares are still 45% below Musk accepted $54.20 bid price. Twitter stock is in limbo, stuck in the middle between the bid price and where it would be if Musk never bought in. Investors just don’t believe they have a good feel for how the saga will turn out.

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