Twitter shares fell by 5.3 percent to $38.5 per share in trading on the New York Stock Exchange. As a result of the sell-off, the shares lost all profits made since Elon Musk announced purchase of a stake in the platform. Foreign media report.
According to their data, the closing price in trading on April 1 was $ 39.31 per share — this was the last trading session before the public announcement of the purchase of 9 percent of shares of the social media by Elon Musk on April 4. Purchase of the large stake made him one of the largest shareholders of the Twitter platform.
Twitter announced purchase of the entire social network by Elon Musk for $44 billion on April 25.
The deal is expected to close in 2022 after shareholders’ approval and regulatory approvals. To finance the Twitter takeover, Musk raised $25.5 billion from a consortium of lenders, including $12.5 billion in loans secured by a part of Tesla shares he owns, his main asset.
