Twitter Deal Drop Gives Tesla Investors Some Relief
Tesla Inc. shares increased on Friday after CEO Elon Musk announced he was dropping ambitions to purchase Twitter Inc. for $44 billion. This news provides investors with some relief as the electric vehicle manufacturer’s leader can be a little less preoccupied.
Elon Musk – “key man”
Elon Musk is the CEO of four businesses: Tesla, SpaceX, Neuralink, and The Boring Company. His involvement in each of these businesses depends on his involvement, so his offer to purchase Twitter was too much for Tesla shares.
Musk’s decision to back out of his acquisition of Twitter is igniting a protracted court battle because the social media network stated it will take legal action to uphold the contract.
Musk’s move, however, did not provide much solace for Tesla investors, as the stock was up 2.1 percent on Friday at the close of New York trading.