Twitter stock fell in after-hours trading Thursday after a report surfaced that the $44 billion dollar acquisition offer by Elon Musk was in doubt.
“Musk’s deal to buy Twitter (TWTR) is in serious jeopardy,” the Washington Post said. It said Musk’s camp concluded that Twitter’s figures on spam accounts are not verifiable.
Twitter stock dropped 4.4% to 37.10 during late trading on the stock market today.
Twitter stock has been on a roller-coaster ride ever since Musk, in April, made a highly speculative bid to acquire the social media company for $54.20 a share.
The board of directors ultimately agreed to the deal. But action in Twitter stock showed there is plenty of uncertainty as to whether it will go through or not.
Twitter Stock: Musk Team Stops Talks
Musk’s team has stopped engaging in discussions for funding the $44 billion deal, the Post said.
If Musk pulls out of the deal, it could trigger a big legal battle as the original deal spelled out a $1 billion fee if one or the other side busts the deal.
The Wall Street Journal said Twitter laid off 30% of its talent acquisition team, as the company deals with increasing business pressures. The layoffs are expected to affect fewer than 100 people. The cuts are limited to the talent acquisition team, the report said.
The Journal said a Twitter spokesman confirmed the layoffs but declined further comment.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
YOU MAY ALSO LIKE:
Is Elon Musk Headed For Burnout With Tesla CEO’s Risky Plan To Buy Twitter?
Web3 Leads Metaverse Companies Like Facebook Into Brave New Virtual Worlds
Next Generation Of The Internet Is A $13 Trillion Market, Bank Says
