Twitter Stock Drops 4% in Premarket Trading

Tiger Newspress2022-07-08

Twitter Stock Drops 4% in Premarket Trading.

Elon Musk's proposed acquisition of Twitter may fall apart over his doubts that the company is accurately reporting the number of spam bots on the service, according to a report, even as company executives reiterated the number is low and tried to better explain how they calculate the figures.

Twitter has repeatedly said that spam bots represent less than 5 per cent of its total user base. Mr Musk, meanwhile, has complained that the number is much higher, and has threatened to walk away from his agreement to buy the company for US$44 billion (S$61.6 billion) until he gets confirmation about Twitter's bot percentage.

Mr Musk's team has concluded that Twitter can't verify its figures on the spam accounts and has "stopped engaging" in discussions around funding the deal, the Washington Post reported on Thursday (July 7), citing people familiar with the matter. This issue has put the acquisition by the Tesla chief executive officer "in serious jeopardy," the newspaper said, citing the people.

"Twitter has and will continue to cooperatively share information with Mr Musk to consummate the transaction in accordance with the terms of the merger agreement," a company spokesman said in a statement to Bloomberg News after the Post published its story. "We believe this agreement is in the best interest of all shareholders. We intend to close the transaction and enforce the merger agreement at the agreed price and terms."

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Comments

  • hphoa
    2022-07-10
    hphoa
    Good.. 
  • TSY123
    2022-07-09
    TSY123
    Good 
  • Ah_Meng
    2022-07-09
    Ah_Meng
    If you buy Twitter, you are damn... If you don't, you are condemned... Either, lose-lose... Elon Musk just has a bad reputation when it comes to corporate takeover front... Have not seen him generate any positive press since he announced the takeover bid for Twitter... Not sure why, like a déjà vu... seems like a bad habit of him to just generate lots of air... With little substances in the following up. Seen that in his main listed vehicle, Tesla. It is here again for Twitter. I wonder if he will get into trouble with SEC next... [Glance] [Smug] [lovely] [Sly] [Duh] [Facepalm] [LOL] 
  • robot1234
    2022-07-09
    robot1234
    Elon Musk notifies Twitter he is terminating deal. Billionaire Elon Musk wants to end his $44 billion deal to buy Twitter. Musk’s lawyer claimed Twitter failed to comply with its obligations in the merger agreement. Twitter’s board chair Bret Taylor said the company is still committed to closing the deal at the agreed-upon price and plans to pursue legal action to enforce the agreement. “We are confident we will prevail in the Delaware Court of Chancery,” Taylor wrote. Twitter shares were down about 6% after hours on Friday. Twitter has reason to seek to hold Musk to his original terms. The stock has fallen considerably since the board announced it had accepted his offer to buy the company at $54.20 per share. On the day of that announcement, the stock ended the trading day at $51.70 per s
  • VKHO44
    2022-07-08
    VKHO44
    Please walk off. Enough of your bullshit. 
  • ps14
    2022-07-08
    ps14
    Elon Musk?
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