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Elon Musk’s Twitter Deal Collided With Market and Economic Tumult
Keywords: Elon Musk Twitter Agreement,
This report in WSJ says Mr. Musk's agreement with Twitter for the $44 billion merger had terrible timing. It comes with the future for social media companies becoming dimmer and the plunging shares in Tesla with the high inflation and the war in Ukraine hitting stocks.
It is striking that Musk around January 2022 before the invasion of Ukraine referred to Twitter as "the future of civilization," as reported by WSJ. This was typical of the hyperbole and talk typical of the last two decades that hyped up internet stocks. Musk said- "Having a public platform that is maximally trusted and broadly inclusive is extremely important for the future of civilization. I don't care about the economics at all."
Twitter stock meanwhile has dropped to 20% below the price it came into public markets in 2013, now at about $35 a share. Mr. Musk agreed to buy Twitter at $54.20 a share about 50% more than it stands now. Twitter ad revenue outlook is dimming further as has happened at other social media companies and the company is now cutting jobs says the WSJ.
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