Elon Musk’s interest in twitter is no news. But he has accomplished what he intended, with elan’. Though the revenue of twitter is much less than Facebook or Google, he has always been keen on this social platform. He has more than 8 million followers.
It is said that 6000 tweets happen per second. He was invited to join the board when he acquired 9.2% stake in January. But incidentally, he didn’t want part of it but the whole cake. By the end of April, he offered to buy it for a whopping 44 billion USD. It’s chaos since then.
Elon’s Tesla shares started to take a dip after twitter accepted his offer. Even twitter’s shares started to dip, part of it, being the general slump in technology shares and part of it due to the uncertainty in the future of twitter.
Tesla shares fell because of his sale of 8% shares to raise the 44 billion. And now, the deal has been put on hold citing that the number of actual spam users could be more than 5% and not as projected by Twitter. Since this news, Tesla’s share prices have seen a marked increase.
Is it a ploy by Elon musk to deal with the falling tesla’s prices and simultaneously wring out a better deal with Twitter? If so, it is brilliant. But if he chooses to walk away from the deal, it could cost him a billion dollars in break up fee and more billions in damages. We will have to wait and watch to see what unfolds next.