May 17, 2022

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Shares of Twitter have been tough ahead of Elon Musk’s buy on Wall Street

This chart taken on April 15, 2022 shows Elon Musk’s Twitter account in front of the Twitter logo on the smartphone. (REUTERS / Dado Ruvic / File)

Shares of Twitter soared at the start of Wall Street trading on Monday amid reports that the company would soon accept Elon Musk’s acquisition offer. However, the codes generally fell.

10 minutes after the close of trading, Shares of Twitter traded up 3.7 percent.

However, the collective code Nasdaq Technology-rich 0.5 percent lost S&P 500 Lost 1.18 percent on a broad basis.

Industry average Dow Jones The scale fell 1 percent.

According to various media such as New York Times, Wall Street Journal, Bloomberg And this CNBC, Twitter may announce its acquisition by Tesla’s bossIt proposed buying the entire group in mid-April for $ 54.20 a share and withdrawing the site from the New York Stock Exchange.

If the offer is accepted as it is, Today, Twitter is valued at $ 43 billion, up from $ 38.5 billion.

Musk said it bought $ 46.5 billion last week.

It also considered the possibility of launching a direct hostile acquisition attempt (OPA) by shareholders.The board of directors should be excluded.

According to the press, Twitter’s board of directors met on Sunday to review the millionaire’s plan.

The board was initially reluctant to consider using a rule known as a “poison pill” to make the acquisition more difficult.

The clause states that the board has the right to sell the shares to all other shareholders if one shareholder makes more than 15% of Twitter’s capital. Musk currently owns only 9% of the social network’s capital.

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With over 82 million followers, The world’s richest man uses his Twitter account almost daily to post news about his companies, make fun of them and start provocations.

Musk promised to change the social network “Worldwide platform for freedom of expression”, without describing the changes it would like to use.

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