S&P 500   3,972.35 (-2.85%)
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MSFT   257.65 (-3.44%)
FB   196.29 (-3.12%)
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TSLA   736.32 (-3.32%)
NVDA   174.64 (-3.92%)
BABA   89.50 (-2.71%)
NIO   16.19 (-2.65%)
AMD   99.79 (-2.62%)
CGC   5.75 (-2.38%)
MU   72.37 (-2.83%)
T   20.42 (-0.73%)
GE   75.56 (-1.10%)
F   13.04 (-3.62%)
DIS   105.58 (-2.82%)
AMC   13.33 (+3.33%)
PFE   50.69 (-1.27%)
PYPL   78.23 (-1.91%)
NFLX   184.06 (-3.41%)
S&P 500   3,972.35 (-2.85%)
DOW   31,867.80 (-2.41%)
QQQ   296.49 (-3.16%)
AAPL   143.86 (-3.60%)
MSFT   257.65 (-3.44%)
FB   196.29 (-3.12%)
GOOGL   2,267.82 (-2.65%)
AMZN   2,183.95 (-5.35%)
TSLA   736.32 (-3.32%)
NVDA   174.64 (-3.92%)
BABA   89.50 (-2.71%)
NIO   16.19 (-2.65%)
AMD   99.79 (-2.62%)
CGC   5.75 (-2.38%)
MU   72.37 (-2.83%)
T   20.42 (-0.73%)
GE   75.56 (-1.10%)
F   13.04 (-3.62%)
DIS   105.58 (-2.82%)
AMC   13.33 (+3.33%)
PFE   50.69 (-1.27%)
PYPL   78.23 (-1.91%)
NFLX   184.06 (-3.41%)
S&P 500   3,972.35 (-2.85%)
DOW   31,867.80 (-2.41%)
QQQ   296.49 (-3.16%)
AAPL   143.86 (-3.60%)
MSFT   257.65 (-3.44%)
FB   196.29 (-3.12%)
GOOGL   2,267.82 (-2.65%)
AMZN   2,183.95 (-5.35%)
TSLA   736.32 (-3.32%)
NVDA   174.64 (-3.92%)
BABA   89.50 (-2.71%)
NIO   16.19 (-2.65%)
AMD   99.79 (-2.62%)
CGC   5.75 (-2.38%)
MU   72.37 (-2.83%)
T   20.42 (-0.73%)
GE   75.56 (-1.10%)
F   13.04 (-3.62%)
DIS   105.58 (-2.82%)
AMC   13.33 (+3.33%)
PFE   50.69 (-1.27%)
PYPL   78.23 (-1.91%)
NFLX   184.06 (-3.41%)
S&P 500   3,972.35 (-2.85%)
DOW   31,867.80 (-2.41%)
QQQ   296.49 (-3.16%)
AAPL   143.86 (-3.60%)
MSFT   257.65 (-3.44%)
FB   196.29 (-3.12%)
GOOGL   2,267.82 (-2.65%)
AMZN   2,183.95 (-5.35%)
TSLA   736.32 (-3.32%)
NVDA   174.64 (-3.92%)
BABA   89.50 (-2.71%)
NIO   16.19 (-2.65%)
AMD   99.79 (-2.62%)
CGC   5.75 (-2.38%)
MU   72.37 (-2.83%)
T   20.42 (-0.73%)
GE   75.56 (-1.10%)
F   13.04 (-3.62%)
DIS   105.58 (-2.82%)
AMC   13.33 (+3.33%)
PFE   50.69 (-1.27%)
PYPL   78.23 (-1.91%)
NFLX   184.06 (-3.41%)

Elon Musk says Twitter deal 'temporarily on hold'

Friday, May 13, 2022 | Kelvin Chan, AP Business Writer

Elon Musk
Tesla CEO Elon Musk attends the opening of the Tesla factory Berlin Brandenburg in Gruenheide, Germany, Tuesday, March 22, 2022. Shares of Tesla and Twitter have tumbled this week as investors deal with the fallout and potential legal issues surrounding Tesla CEO Musk and his $44 billion bid to buy the social media platform. Of the two, Musk's electric vehicle company has fared worse, with its stock down almost 16% so far this week to $728. (Patrick Pleul/Pool via AP, File)

LONDON (AP) — Elon Musk said Friday that his plan to buy Twitter for $44 billion is “temporarily on hold” as he tries to pinpoint the exact number of spam and fake accounts on the social media platform, another twist amid signs of internal turmoil over the proposed acquisition.

Musk, who has been vocal about his desire to clean up Twitter's problem with “spam bots” that mimic real people, appeared to question whether the company was underreporting them.

In a tweet, the Tesla billionaire linked to a Reuters story from May 2 about a quarterly report from Twitter that estimated false or spam accounts made up fewer than 5% of the company’s “monetizable daily active users” in the first quarter.

“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk said, indicating he’s skeptical that the number of inauthentic accounts is that low.

It wasn’t clear whether the issue could scuttle the deal.

Twitter did not immediately respond to requests for comment early Friday.

Stock in both Twitter and Tesla swung sharply in opposite directions, with Twitter’s stock tumbling 14%, and shares of Tesla, which Musk had proposed using to help fund the Twitter deal, jumping 7%.

Investors have had to weigh legal troubles for Musk, as well as the possibility that acquiring Twitter could be a distraction from running the world’s most valuable automaker. The proposed deal continued to pressure shares of Tesla, which had already fallen 16% this week.

The sharp jump in the price of Tesla shares before the opening bell Friday singled rising doubts that the acquisition of Twitter will take place.

Musk has already sold off more than $8 billion worth of his Tesla shares to finance the purchase.

Originally Musk had committed to borrowing $12.5 billion with Tesla stock as collateral to buy Twitter. He also would borrow $13 billion from banks and put up $21 billion in Tesla equity.


Last week, Musk strengthened the equity stake in his offer for Twitter with commitments of more than $7 billion from a diverse group of investors including Silicon Valley heavy hitters like Oracle co-founder Larry Ellison.

Money from the new investors cuts the amount borrowed on the value of Tesla stock to $6.25 billion, according to the filing. The Tesla equity share could go from $21 billion to $27.25 billion.

Wedbush analyst Dan Ives, who follows both Tesla and Twitter, said Musk's “bizarre” tweet will lead Wall Street to either think the deal is likely falling apart, Musk is attempting to negotiate a lower deal price, or he is simply walking away from the deal with a $1 billion penalty.

“Many will view this as Musk using this Twitter filing/spam accounts as a way to get out of this deal in a vastly changing market,” Ives wrote.

He added that the Musk's use of Twitter rather than a financial filing to make the announcement was troubling and “sends this whole deal into a circus show with many questions and no concrete answers as to the path of this deal going forward.”

Musk’s tweet comes a day after the social media company fired two of its top managers. Twitter said the company is pausing most hiring, except for critical roles, and is “pulling back on non-labor costs to ensure we are being responsible and efficient.”

In a memo sent to employees and confirmed by Twitter, CEO Parag Agrawal said the company has not hit growth and revenue milestones after the company began to invest “aggressively” to expand its user base and revenue.

____

AP Business Writer Michelle Chapman in New York contributed to this report.


7 NFT Related Stocks That Are Helping to Drive This Trend

Blockchain technology is creating new opportunities in a variety of industries. It's even creating industries that never existed. That's the case with non-fungible tokens (NFTs). An NFT is a token created by the Non-Fungible Alliance that exists on a blockchain. In many cases, that is the Ethereum (CCC:ETH-USD) blockchain, but there are now several other blockchains that support NFTs

The key to understanding NFTs as an investment opportunity is the idea that it's a cryptographic token that represents something unique. The value of an NFT is based on basic supply and demand. The first example of an NFT was the one-of-a-kind digital cat sensations, the CryptoKitties. Only 10,000 digital images were created. But the entire market raked in $32 million for investors who collected, bred, or traded these tokens.

As exciting and as much potential as the NFT market holds, it's still in its infancy. And that means what it looks like tomorrow is evolving. The federal government recently announced its intention to put guardrails on cryptocurrency. That regulation will extend to Ethereum and other blockchains that support NFTs. That's why many stocks on this list have a stand-alone case for ownership outside of NFTs. However, as you'll see many are also penny stocks.



View the "7 NFT Related Stocks That Are Helping to Drive This Trend".


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