Twitter drops off 7.5% on report Musk's purchase bid in jeopardy
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Twitter (NYSE:TWTR) shares fell as much as 7.5% in after-hours trading, Thursday, following a Washington Post
report that said Elon Musk's $44B deal to acquire the social networking company is in "serious jeopardy."
The Post reported that the deal could be on the rocks due to skepticism on Musk's side that Twitter's (TWTR) figures on the prevalence of spam accounts can be verified. And with Musk's side having decided that Twitter's (TWTR) take on spam can't be cleared up, the Tesla (TSLA) chief executive could be expected to take "potentially drastic action" as this point in the process.
Musk's team has stopped engaging in certain discussions around funding the deal, including with one likely backer, according to the report. Musk's moves could potentially trigger a heated legal battle, as Musk is committed to buy the business at $54.20 per share. Twitter (TWTR) shares closed the regular session Thursday up 1.5% to $38.79.
Twitter stock (TWTR) saw a bump earlier Thursday after a media briefing where it discussed more of its approach to tracking automated and spam behavior on the platform, and said activity was "well under" a 5% threshold it has disclosed in quarterly reports since the time it went public.