Musk puts on hold $44-billion deal for Twitter, shares slump

[Elderberry]

Reuters by Nivedita Balu 5/13/2022

Elon Musk on Friday put his $44-billion deal for Twitter Inc (TWTR.N) temporarily on hold, citing pending details in support of calculation that spam and fake accounts indeed represent less than 5% of users.

Shares of the social media company fell 17.7% to $37.10 in premarket trading, their lowest level since Musk disclosed his stake in the company in early April and subsequently made a "best and final" offer to take it private for $54.20 per share.

The implied probability of the deal closing at the agreed price fell below 50% for the first time on Tuesday, when Twitter shares dropped below $46.75. read more

More: https://www.reuters.com/technology/musk-says-44-billion-twitter-deal-hold-2022-05-13/

[Kamaji]

Interesting that the price is falling so far below the offer price.  That indicates that a lot of people don't think it will close at all, or if it does, it won't be at the offer price.