Why Twitter Stock Is Stumbling Today
Twitter (NYSE: TWTR) shareholders were taken on yet another wild ride this morning after Tesla CEO Elon Musk -- who is attempting to acquire the social media platform -- sent out a tweet this morning saying that the deal was on hold. Just two hours later, Musk followed up with another update, saying that he was still committed to the deal.
The tech stock is down by 8.5% as of 10:43 a.m. ET.
Musk has offered to buy Twitter for $44 billion, part of which he will obtain by selling some of his shares of Tesla. He will also get funding through other investors. But Musk sent shareholders into a tizzy this morning after he posted a tweet saying that the deal is "temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users."
Source Fool.com
