How Musk’s Twitter takeover plans rocked Wall Street and social media

Elon Musk has many roles as CEO of Tesla, CEO of SpaceX, and founder of Boring Company and Neuralink.

He is also a prolific Twitter user. The news that Musk made a $44 billion bid to buy Twitter and potentially become the social media company’s CEO has sent shockwaves through Wall Street and social media.

“Forty-four billion is still a scratch for a company that I think is probably worth more than $30 or $35 billion,” Wedbush analyst Dan Ives said in an interview with CNBC. “But when you’re the richest person in the world, you can do that. And that’s why Twitter investors, when they saw $44 billion, they were drinking champagne or their favorite alcohol.”

However, the deal may still fail. As the current stock market volatility wipes out millions in market capitalization from tech companies, Musk said he will hold off on the deal until he has more clarity on how many fake Twitter accounts exist. Analysts believe Musk may be using this debate to lower his proposed acquisition price of $54 a share now that so much value has been drained from tech stocks in recent weeks.

And on Friday, Musk finds himself embroiled in a scandal. He was taken to Twitter to respond to a Business Insider report that SpaceX paid a flight attendant $250,000 in damages over a sexual misconduct claim against him.

Twitter declined to comment on the allegations, reiterating comments from earlier in the week that the company’s board remains committed to the original deal with Musk.

Watch the video above to learn more about how Musk’s offer for Twitter came to fruition, how the social media company could change under his watch, and what obstacles remain that could stand in the way of the deal.

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