In return, Twitter representatives went to court and argued that Mr. In July the businessman decided to withdraw the offer entirely because, according to him, Twitter broke the terms of the deal. Well, while Elon was waiting, the stock reacted with an immediate and severe drop, and Musk’s subsequent announcement that he was actually still going to buy the platform didn’t do much to save the day. It was running like clockwork until Musk announced he was putting the deal on hold in May at a pretext of numerous bots on the platform. The company’s shares of course shot up in value. After a short deliberation, the board approved the deal.
He soon became Twitter’s shareholder, buying 9.1% of the company, and not long after he announced that he wanted to buy Twitter outright at the grand old price of $54.2 per share. Twitter’s shares had been slowly and surely falling through 2022 until suddenly Musk showed up in April. There have been uncountable events, so not to lose track we need to reconstruct the chronology. This rollercoaster ride is largely down to the actions of one person by the name of Elon Musk. The company’s stock is characterized by sharp ups and downs, and the net result is a 15% fall over the year so far. One of these abovementioned overvalued companies is Twitter. All of this and more is what’s landed the market in its current predicament, and even with all the declines, many prominent investors still believe the market is overvalued. In the US its rate reached a 40-year high of 8.6%, and the Fed started steadily hiking interest rates to drive down prices. Though American companies are far enough away from this conflict, international markets are definitely incommoded by the energy crisis and supply disruptions. Things were heading in a positive direction.Īll of it faded away with the aggravation of the geopolitical situation in Europe. In early 2022, it seemed that the overall market was getting back to normal coronavirus restrictions were being lifted, and air travel and freight transport were being resumed.
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