Hindenburg sees Twitter share potentially falling to $31.40/share without a Musk deal after the Nasdaq's recent decline.
"Since the day before Musk disclosed his initial stake in Twitter, multiple developments have weakened the company’s position, threatening the current deal dynamic," Hindenburg wrote in the report. "As a result of these developments, we believe that if Elon Musk’s bid for Twitter disappeared tomorrow, Twitter’s equity would fall by 50% from current levels. Consequently, we see a significant risk that the deal gets repriced lower."
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