Elon Musk hits pause on Twitter deal after aggressive pursuit
(Reuters) – Elon Musk on Friday put his $44-billion Twitter supply on momentary maintain, sending the shares of the social media firm right into a tailspin.
Twitter inventory has constantly traded under Musk’s supply worth of $54.20 per share for the reason that announcement of the deal on April 14, wiping off over $2 billion from the corporate’s market capitalization.
Beneath is a snapshot of the Twitter takeover saga.
Growth
Date Twitter share
response
Could 13 Musk says Twitter deal on maintain pending evaluation of Drops 11%
spam and pretend accounts. Later tweets that he earlier than paring
stays dedicated to the deal losses from
premarket
Could 11 Twitter co-founder Jack Dorsey says he won’t Falls ~6% in
return as CEO if provided the following
session; trades
20% under supply
worth
Could 5 Musk discloses $7.14 billion funding; sources inform Rises 4.4%;
Reuters that Musk may quickly lead Twitter trades 5.5%
after deal closes under supply
worth
Could 2 Musk seeks to get extra exterior buyers Falls 0.8% in
the following
session; trades
~10% under
supply worth
April 29 Musk sells Tesla shares price over $8 billion in a Rises 2.3%;
bid to finance takeover trades 7.3%
under supply
worth
April 25 Twitter board accepts Musk’s supply Climbs ~7%;
trades 3.5%
under supply
worth
April 21 Musk strains up $46.5 billion in financing for the Provides 2.6%, however
deal nonetheless trails
Musk’s supply by
11.5%
April 15 Twitter adopts poison capsule to guard firm from Features 1.4% in
takeover subsequent session;
trails supply by
13%
April 14 Musk provides $54.20/share, a 38% premium to Rises 6%
Twitter’s April 1 closing worth
April 10 Musk says he won’t be a part of Twitter board Falls 3.3%
April 5 Twitter says Musk will be a part of firm’s board Rises over 9%
April 4 Elon Musk discloses over 9% stake in Twitter
Jumps as a lot
as 31%
GRAPHIC: Twitter, Tesla shares react to Musk’s takeover saga https://graphics.reuters.com/TWITTER-STOCKS/klvyklxbkvg/Twitterpercent20Teslapercent20sharespercent20reactpercent20topercent20Muskpercent20takeoverpercent20saga.png
(Reporting by Akash Sriram and Yuvraj Malik in Bengaluru; Enhancing by Sweta Singh and Shinjini Ganguli)
