News Update: 2 Mins Read
- Twitter on Tuesday has confirmed that Tesla and SpaceX CEO, Elon Musk, has sent a letter that he’ll go through with the deal of purchasing the microblogging platform for $44 billion, reveals an ANI report.
Twitter issued this statement about today’s news: “We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 (roughly Rs. 4,400) per share.”
Financially :
When the news broke of Musk deciding to purchase Twitter at the same price he had earlier promised, share prices for Twitter went up 12.7 per cent before trading was stopped.
On the other hand, Tesla’s share dropped a considerable 3 per cent.
This move came ahead of a highly-anticipated face-off between Musk and Twitter in Delaware’s Court of Chancery on October 17 where Twitter was seeking an order to honor the deal for $44 billion.
PR’s Take:
The new deal will bring more transparency to the social network, and automatically people will start using it more. Also, this can cause a lot of ups and downs in the share price of spaces, Twitter, and other associates. Already there are rumors which may disrupt the market.
But it is assumed that Technology & Media is the most powerful thing to be owned, and as Twitter is a vast network, this might lead to a monopoly, and one wrong tweet can cause massive changes which may be positive or negative!
Source: indiatimesworth