Shares in US social media company Twitter are trading around 5% higher pre-market today following news that the company has approved Elon Musk’s $44 billion takeover bid. Following news of the successful bid, Musk tweeted on the deal saying: “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated.”Musk will now take the company private and, despite founder Jack Dorsey affirming his support for Musk and his belief in Musk’s goals, there is a great deal of uncertainty around the direction the company will now move in. Musk has argued against the content moderation many call for and has voiced his support for freedom of speech. However, many critics worry that Musk will lead the company down a dangerous path which see problematic content on the platform rise instead of fall. Additionally, amazon founder Jeff Bezos shared his concerns over the influence that China might now have on Twitter given the country’s importance to Musk’s primary business, Tesla.Technical ViewsTwitterTwitter shares are trading back up to 2022 high this week following the correction over early April which saw the company’s stock falling from around 52.86 to 44.03. Price is sitting within the upper portion of the longer term bear channel and, should earnings on Thursday come in above expectations, this might give Twitter shares the momentum they need to breakout.
Source: Tickmill