Elon Musk suddenly postponed buying Twitter, Twitter shares plummeted

In the latest tweet, Elon Musk said the acquisition of Twitter “will be postponed” indefinitely. The reason is that Musk thinks that the number of virtual accounts (clones) on this platform is too large, about 5% of the total number of accounts.

Elon Musk

Immediately Twitter shares fell 17.7% to $37.1. According to experts, 5% of accounts are virtual (clones) which is completely normal and has been existed for a long time. This is just Elon Musk’s excuse, might he doesn’t have enough cash. Although this number is calculated by Twitter itself and announced in early May 2022.

“The bots are angry at being counted”, Elon Musk scoffed.

According to Reuters, they believe this is Elon Musk’s stock price manipulation trick to lower the price of Twitter shares. Or a way for Elon Musk to get out of this deal.

After Elon Musk’s announcement, while Twitter’s stock price fell, Tesla’s stock price rose.

Elon Musk

Leave a Reply

Your email address will not be published. Required fields are marked *