August 10, 2022
Elon Musk Agreed Can’t Buy Twitter For  Billion, Say Investors

The stock market on Tuesday took the first view that it is unlikely that Elon Musk will buy Twitter for $44 billion (about Rs 3,37,465 crore), as they had originally agreed.

Based on the deal price of $54.20 (approximately Rs 4,180) and Twitter shares closing at $39.31 (approximately Rs 3,000), the close of the deal at that price was when Twitter shares hit $46.75 (approximately Rs 3,600). The estimated probability of occurrence is reduced to less than 50 percent. ) On April 1, Musk revealed that he had amassed a stake in the social media company.

Twitter shares fell by up to 3% to touch a low of $46.50 (about Rs 3,500) in afternoon trade.

Musk, the world’s richest man and chief executive of electric car maker Tesla, signed a deal to buy the social media platform on April 25. Twitter said at the time that Musk had secured $25.5 billion in debt and margin debt financing and was providing an equity commitment of $21 billion (about Rs 162 crore).

According to Forbes, Musk, who is worth $268 billion (about Rs 20,709,03 crore), said he was not primarily concerned with Twitter’s economics.

He said in a recent public speech, “Having a public forum that is most trustworthy and widely inclusive is extremely important for the future of civilization. I don’t care about economics at all.”

© Thomson Reuters 2022

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