July 1, 2022

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Twitter stock price rises ahead of expected encounter with Elon Musk

Twitter stock price rises ahead of expected encounter with Elon Musk

Shares of the social networking site Twitter rose 1.9% during trading on Thursday, falling, unlike shares of other major technology companies.
The rise in shares comes ahead of a much-anticipated meeting between electric car maker Tesla CEO Elon Musk and Twitter employees, whose management agreed to a $ 44 billion billion-dollar purchase last April.

And the Bloomberg News Agency, speaking to its staff today, said the stock had gained further support from a report that talked about the expectation that Musk would confirm his willingness to buy the social networking company.

Earlier this month, Twitter’s chief attorney assured its employees that the deal to sell the company’s shares to billionaire Elon Musk would continue, and that shareholders would vote on the deal in late July or early August.
Vijaya Ghat, head of the company’s legal department, told a Twitter staff meeting that the company was still awaiting the approval of the Securities and Exchange Commission for its proposal on the deal before sending it to shareholders. .

Over the past few weeks, Musk has been questioning the number of Twitter users and the number of tweets being sent automatically, raising ambiguity about the chances of terminating the deal.

Musk has accused Twitter of violating the terms of its $ 44 billion acquisition of a micro-blogging service.

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