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How Elon Musk's Twitter takeover plans shook Wall Street and social media

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How Elon Musk's Twitter takeover plans shook Wall Street and social media

Elon Musk wears many hats as Tesla CEO, SpaceX CEO, and founding father of the Boring Company and Neuralink.

He’s additionally a prolific Twitter consumer. The information that Musk made a $44 billion provide to purchase Twitter and probably change into the social media firm’s CEO has despatched shock waves by way of Wall Street and social media.

“Forty-four billion continues to be a head-scratcher for a company that I believe is probably worth closer to $30 or $35 billion,” mentioned Wedbush analyst Dan Ives in an interview with CNBC. “But when you’re the richest person in the world, you can do that. And that’s why Twitter investors, when they saw the $44 billion, they were popping champagne or drinking their favorite alcohol.”

The deal can nonetheless fall by way of, although. As ongoing inventory market volatility wipes thousands and thousands in market cap from tech corporations, Musk mentioned he is placing the deal on maintain till he will get extra readability on what number of pretend accounts exist on Twitter. Analysts consider Musk could also be utilizing this debate to drive down his proposed $54 per share takeover value now that a lot worth has been drained from tech shares over the previous few weeks.

And on Friday, Musk finds himself embroiled in scandal. He’s taken to Twitter to answer a report from Business Insider that claims SpaceX paid a flight attendant $250,000 in severance over a sexual misconduct declare made towards him.

Twitter declined to remark in regards to the allegations and reiterated feedback from earlier within the week that the corporate’s board stays dedicated to the unique take care of Musk.

Watch the video above to search out out extra about how Musk’s bid for Twitter got here collectively, how the social media firm might change beneath his watch and what obstacles stay that might stand in the best way of the deal going by way of.

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