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Friday, July 1, 2022

Twitter Takeover Plans By Elon Musk Did Shake Social Media

The Twitter takeover by Elon Musk did raise quite a few eyebrows as he already wears a few hats. Musk is the CEO of Tesla, and SpaceX, and is also the founder of Neuralink and Boring Company. Interestingly, he is also quite an avid user of Twitter. Needless to say, the news of him making an offer of $44 billion to buy Twitter and become its CEO has sent ripples throughout social media as well as Wall Street.

Dan Ives, an analyst from Wedbush stated that a sum of $44 billion was definitely a head-scratcher for a company that had a net worth of $30 billion. But when the richest man on earth decides to buy a social media platform- money matters less. 

Elon Musk’s Twitter Takeover Might Be In A Spot Of Bother

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This Twitter takeover might never take place though. With the current volatility in the ongoing stock market wiping millions in market cap from most of the tech companies- Musk stated that he had been putting this deal on hold. This would resume when he got more clarity on how many fake accounts still existed on Twitter. Analysts also believe that Musk could be using the debate to bring down his $54 per share takeover price now after so much value has already been drained from the tech stocks over the last few weeks. 

Last Friday saw Elon Musk’s Twitter takeover in a rut after he found himself in scandal. He had to take to Twitter to respond to a report published by Business Insider that mentioned that SpaceX had to pay a flight attendant a sum of $250,000 in severance over a claim of sexual misconduct that was made against him. Nevertheless, Twitter didn’t comment on the allegations, and others reiterated comments from earlier in the week regarding the possible deal that Elon Musk had with the company and its board.

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