According to the document, Elon Musk plans to raise $ 33.5 billion, as part of his takeover of Twitter. Musk, is in talks with former Twitter founder and CEO Jack Dorsey and others to help fund, in favor of completing the deal. In a letter to investors, the CEO of Tesla and SpaceX expressed his commitment to complete the deal. Following the report, Twitter shares are up 5%, and Tesla shares are also up 1%.
The deal has been embroiled in controversy since Musk first offered it in April, and the shares are trading below the $ 54.20 purchase price, implying that investors had relatively low confidence that the deal would go through at that price. Earlier this month, Musk sent Twitter shares plummeting when he said he intends to put the $ 44 billion deal “on hold” while he investigates the rate of fake accounts and spam on the platform. Musk also claimed that the company’s price may fall.
In its first quarter reports for 2022, Twitter acknowledged that there are a number of “false accounts, alongside daily active use or legitimate earning users (mDAUs). The company wrote, “We conducted an internal review of a sample of accounts and estimates that the average of false accounts or spam during the first quarter of 2022 represented less than 5% of our mDAU during the quarter.” Twitter also admitted to exaggerating the number of users from 1.4 million to 1.9 million users over the past 3 years.
Comments on the article(0):
Your response has been received and will be published subject to system policies.
Thanks.
For a new response
Your response was not sent due to a communication problem, please try again.
Return to comment