Tesla shares rise after Elon Musk cancels Twitter purchase

Tesla shares rise after Elon Musk cancels Twitter purchase


Shares of Tesla rose slightly after Elon Musk announced he wanted to cancel his multibillion-dollar takeover of Twitter, rising 14.51% on Friday to $752.29.

Elon Musk claims that the company did not provide the data he requested about the fake account, and thus, the agreement would be void. In this way, the businessman hopes to avoid a fine of 1 billion dollars for violating the contract.

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Twitter has promised that it will sue Elon Musk, taking all possible legal steps to ensure that the negotiations take place under the agreed terms and conditions. In an internal memo to its employees, Twitter asked them to refrain from commenting on the case, either in tweets or in the company’s internal Slack, insisting that it would seek their rights.

It is worth mentioning that in early April, when Musk announced the purchase of a majority of 9.2% shares on Twitter, Tesla shares were 34% higher than they are now. On the 26th alone, when Musk announced the total purchase of Twitter for $44 billion, Tesla shares fell more than 12%.

With the collapse of the Twitter takeover, Tesla investors expect its stock to return to previous levels.

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