America

Twitter share price plummets as Musk puts purchase on ice

Twitter shares suffered a huge drop in value on Friday following business magnate Elon Musk’s announcement that his proposed $44-billion takeover of the company was on hold amid questions about fake accounts at the service.

“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk tweeted on Friday.

In response, the price of shares in the microblogging service fell by almost a quarter, from $45.08 on Thursday to $34.50. Musk’s deal for Twitter valued each share at $54.20.

Twitter announced earlier this week that fewer than 5% of its accounts were not operated by real people or organizations. Musk has said that, as part of his takeover plans, he wants to remove all such bot accounts.

The future of Twitter has been the subject of much debate since Musk revealed he had purchased more than 9% of the company. His bid to buy the company outright followed shortly afterwards.

Musk, an avid Twitter user, has questioned the company’s business model and criticized its free speech policies, saying recently that he would overturn a ban on former US President Donald Trump, who was banned from the service in the wake of the storming of the US Capitol building on January 6 last year.

Source: GNA

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

Related Articles

Back to top button