Elon Musk walks away from Twitter Inc (TWTR US), what does this mean to stock price
Elon Musk recently announced his intention to walk away from his $US44bn takeover bid for Twitter (TWTR US), the April bid of $US54.20 now looks extremely rich in today’s value contraction environment – the NYFANG Index has tumbled well over 20% since his bid. Clearly Musk’s timing was awful and the world’s richest man now has a legal battle on his hands after throwing in some fairly lightweight reasons to justify the bids withdrawal, on paper this might be one step too far for this often eccentric billionaire who we believe is still very much on the proverbial TWTR hook.
- With TWTR looking set for months of looming uncertainty we can see ongoing share price weakness into the high $US20’s.
MM sees no reason to buy Twitter (TWTR US)
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