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Thursday, May 26, 2022
HomeLatest NewsTesla plummets in the stock market after Musk's announcement of the purchase...

Tesla plummets in the stock market after Musk’s announcement of the purchase on Twitter

Tesla shares fell sharply in the stock market on Tuesday after Elon Musk’s announcement of the Twitter purchase. An American businessman, also the founder of an electric car company, used part of his Tesla shares to fund a takeover bid for the social network. Upon learning of the success of the offer, the prices of his books in the United States fell by 7.5%.

This is the most bearish value in the Nasdaq 100, which includes the values ​​of the most important companies in the technology sector, and which is also trading with sharp drops today. Selective drop 2.5% waiting for “big technologies” to present their quarterly results. Expectations may be far from the consequences of the war and sanctions against Russia and the new Covid crisis in China. Amazon is also down 3.8%, while Meta is down 3.5% and Apple, Microsoft and Alphabet are down over 2%. Twitter itself, which is listed on the New York Stock Exchange, is also down 3% today after revaluing 5% yesterday.

Despite the general negative sentiment on Wall Street, Tesla’s downfall stands out due to the impact of Musk’s Twitter purchase. To fund the deal, Musk has unveiled a financing plan that includes $12,500 million (€11,537 million) in loans and through Musk’s shares in Tesla.

Twitter announced this Monday “yes” to the offer to buy the American businessman for almost 44,000 million dollars (about 40,500 million euros) after which it will cease to be listed on the stock exchange. The transaction is subject to approval by Twitter shareholders through a vote at a shareholder meeting. Musk will pay $54.2 in cash to each Twitter shareholder for each of his titles.


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