Twitter shares dip 20 pc after Musk puts $44 billion takeover 'on hold'

ANI
13 May 2022, 19:07 GMT+10

Washington [US], May 13 (ANI): Twitter shares tumbled around 20 per cent in the pre-market trading on Friday after billionaire Elon Musk declared that the $44 billion takeover bid of the micro-blogging site is on hold.

Musk tweeted that the takeover of Twitter Inc is temporarily on hold due to the calculation of fake accounts in it.

"Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5 per cent of users," Musk tweeted tagging a media report.

Musk's announcement came before the opening of trading in the American stock exchanges.

In the pre-market trading, Twitter Inc share price crashed to USD 37.10, which is 17.7 per cent lower than its previous day's close.

Musk said earlier this week that Twitter's decision to ban former US President Donald Trump was a mistake and he would reverse it if his acquisition of the social media company is successful.

Twitter recently agreed to acquisition by Musk in a deal worth USD 44 billion, although it is still subject to shareholder approval. (ANI)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Mexico Star.

More Information

null in null

Lifestyle

Section

New French law targets smoking near schools, public spaces

PARIS, France: France is taking stronger steps to reduce smoking. A new health rule announced on Saturday will soon ban smoking in...

Methionine Restriction Could Extend Lifespan, Boost Health

VILNIUS, Lithuania – A growing body of research suggests that selectively restricting a single nutrient in our diet could have profound...

Israeli military sending out 54,000 draft orders to Haredim

Tel Aviv [Israel], July 6 (ANI/TPS): The IDF (Israel Defense Forces) said it will begin sending draft summonses this week to complete...

J-K: Over 300 cadets undergo training at new NCC battalion in Udhampur

Udhampur (Jammu and Kashmir)[India], July 6(ANI): More than 300 cadets of the newly established 6th Jammu and Kashmir National Cadet...

Team Sea Sakthi from India wins Communication Prize at Monaco Energy Boat Challenge

Monte Carlo [Monaco], July 6 (ANI): Team Sea Sakthi from Kumaraguru College of Technology in India has been awarded the Communication...

Highly controversial, encourages 'dadagiri': Ramdas Athawale criticises Raj Thackeray's statement

New Delhi [India], July 6 (ANI): Amid the ongoing language row, Union Minister Ramdas Athawale on Sunday criticised Maharashtra Navnirman...

International

Section