Investors speculating over whether Elon Musk will complete his $44 billion acquisition of Twitter Inc sent the social media company's shares on Wednesday to their lowest level since the deal was announced two days ago.
He has backtracked before. Earlier this month, he decided at the last minute not to take up a seat on Twitter's board. In 2018, Musk tweeted that there was"funding secured" for a $72 billion deal to take Tesla private, but did not move ahead with an offer. "There's a lot of headline risk over the next six months that it takes to complete the deal," said Chris Pultz, portfolio manager for merger arbitrage at Kellner Capital.Twitter shares ended trading in New York down 2.1 per cent at $48.68, a big discount to the $54.20 deal price, implying a 62 per cent chance of the deal being completed, according to Reuters calculations.
Musk could calm some of the market jitters by providing more details on the source of his equity financing or bring in partners to help split the check. This, however, could introduce new risks to the deal based on the identity of these partners, some fund managers said.
Source: News Formal (newsformal.com)
😂 pathetic speculative reporting... Activist reporters seem really desperate to sway opinions.
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Twitter says it's being acquired by Elon Musk for $44 billionElon Musk and Twitter have agree to a sale of the social networking site for $44 billion. China buys Twtr fronted by Elon Musk to bypass CFIUS scrutiny. Instead of “free speech” being touted, I expect Twtr becomes Weibo with ability to censor twts & ban accts CCP doesn’t like. Private usage data across accts by users will end up as blackmail for coercion leverage.
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