Connect with us


Shareholders make N3.16tr as Elon Musk proposes to buy Twitter at original price



The microblogging platform, Twitter’s market valuation rose by 22.09 percent on Tuesday.

This followed a report that the world’s richest man, Elon Musk, has proposed to acquire Twitter for $44 billion in a bid to stop the case filed by the company’s board.

A court in the United States had fixed October 17 for a hearing in the application filed by the Twitter board after the Tesla founder pulled out of the deal in July.

Persons close to the deal told Bloomberg Musk is willing to move forward with the $44 billion to avoid the court hearing.

Twitter stock price had closed at $42.59 per share on Monday, however, but the investors’ demand for the shares pushed up the price to $52 per share on Tuesday.

READ ALSO: Elon Musk, Jack Dorsey, two others to testify at Twitter acquisition dispute

This increased Twitter’s market valuation to $39.79 billion from the $32.55 billion posted on Monday.

Ripples Nigeria’s market analysis shows that the company’s shareholders made roughly $7.2 billion (N3.16 trillion) in investment during trading.

Musk had hinted that he would proceed with the deal if Twitter reduces the value after the discovery of a higher percentage of bot accounts.

This was after the South Africa-born billionaire terminated the deal over the percentage of spam accounts in Twitter monetised Daily Active Users (mDAU), which the company had claimed was less than five percent.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now