Twitter Stock Up on Potential Musk Deal

Credit: Unsplash

Twitter and Elon Musk could strike a formal contract by the end of the day.

Earlier this month, Elon Musk, one of the wealthiest men in the entire world, spontaneously offered Twitter a $43 billion deal to purchase all of the company’s shares and take it private. This came after Musk became a majority stockholder and nearly became a member of Twitter’s board of directors, though he eventually backed down from that position.

Twitter was originally expected to turn the deal down, though after Musk revealed on Thursday that he had already secured well over $46 billion in financing Twitter’s new direction should he acquire it, the offer has become much more tempting. Over the weekend, Twitter met with Musk’s representatives to hammer out the specifics of a potential deal. While the status of the deal has not been publicly divulged, experts believe that if Twitter is going to take the deal, they will more than likely do it by the end of the day today.

Wall Street analysts such as Wedbush analyst Dan Ives believe that this deal could be “the beginning of the end for Twitter as a public company with Musk likely now on a path to acquire the company unless a second bidder comes into the mix,” as he explained in a note to investors. Ahead of this potential deal, Twitter’s stock value has risen 4% in value as investors try to get their last purchases in before Musk grabs the whole thing.

Written by  
7 months ago