Elon Musk Delays Acquisition, Twitter Stock Plummets

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Reza Pahlevi 18/05/2022 10:50 WIB

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Twitter's market capitalization plummeted to US$28.98 billion at the close of trading on Tuesday (May 17), US$14.7 billion lower than the US$44 billion acquisition price.

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Twitter Stock Price (May 9-17, 2022)

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Twitter's stock price has plummeted since Elon Musk delayed the purchase of the social media platform, citing a lack of details regarding fake and spam accounts. Previously, the CEO of Tesla and SpaceX planned to buy Twitter for US$44 billion.

On Tuesday, May 17, 2022, Twitter's stock price closed at US$38.32 per share. This is a 5.89% decrease from US$40.72 per share on Friday, May 13, 2022, the day Elon Musk first announced the delay in the Twitter acquisition.

For information, Elon initially planned to buy Twitter at a premium price, above market value, at US$54.2 per share.

With a stock price of US$38.32, Twitter's market capitalization stands at US$29.3 billion. This is US$14.7 billion lower than Elon Musk's planned US$44 billion purchase.

Quoting Reuters, the significant price disparity has led many analysts to believe that Elon Musk will attempt to renegotiate the purchase price.

(read: Indonesian Citizens Spend 3 Hours a Day on Social Media: Global Ranking)

Editor : Annissa Mutia

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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