Twitter’s stock tumbles after Elon Musk tweets buyout deal is ‘temporarily on hold’

twitter’s-stock-tumbles-after-elon-musk-tweets-buyout-deal-is-‘temporarily-on-hold’

Shares of Twitter Inc. TWTR, -9.67% plunged 17.9% in premarket trading Friday, after Elon Musk tweeted that the deal to buy the social media company was “temporarily on hold.” Musk, the chief executive of electric vehicle maker Tesla Inc. TSLA, +5.71%, said the hold on the deal is “pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.” Twitter’s stock is on track to open at the lowest price seen during regular-session hours since March 17, which was before Musk first disclosed he had acquired a large stake in Twitter. Tesla’s stock rallied 4.5% ahead of the open.

Source: Marketwatch

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