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Twitter shares collapse following ELon Musk withdrawal

Last Friday, Elon Musk, Tesla and SpeceX CEO, who had previously bought Twitter in a $44B buyout offer, broke off the contract claiming that his request for fake accounts to be terminated wasn't being respected by the Twitter board. Now the Twitter share is $34.31 at the time of writing, which is %36 cheaper than what Musk offered in the first place.

Twitter shares collapse following ELon Musk withdrawal
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Twitter’s stock tremendously fell in price on Monday after Musk withdrew his offer to purchase the platform last week. At the time of writing, the Twitter share is being traded for $34.31, 6.89% lower than the Friday’s $36.85 closing price.

The new price shows a 36% discount from what Musk offered to purchase the company for in April, meaning $54.20 per share

This raised lots of people's rage and objection. Among these were the Twitter board who were clearly not happy with Musk’s decision to cancel the contract. 

Twitter chairman, Bret Taylor, said that the board is committed to closing the transaction on the predetermined terms and will pursue legal action if necessary. This shows that Twitter already has plans to take Musk to court after he backed out on his offer to purchase the company on Friday.

On Thursday however,Twitter claimed to remove 1 million spam accounts from its platform every day. This represents well below 5% of its active user base each quarter.

Binance CEO,  which had initially backed Musk’s Twitter contract, has now clarified that he’d only remain supportive if Musk follows through on the deal. “If he doesn’t, then I think we’re off,” he said.

Numerous other large companies have also claimed their objection towards Musk’s act. Vitalik Buterin, Ethereum founder, has said he doesn’t “oppose” Musk running Twitter, he just has an objection towards the general act of him breaking off the contract and the social media firm.  

 





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