Twitter’s market cap falls $9B below Musk’s purchase price
The stock has fallen 12% since reaching its high for the year in late April
By Yashasvini Razdan
Published - May 12, 2022, 04:55 PM ET
Last Updated - Feb 27, 2024, 01:44 PM EST
Shares of social media platform Twitter Inc. (NYSE: TWTR) have fallen drastically below Elon Musk’s purchase price of $54.20.
On Thursday, Twitter was trading at $44 a piece which reflects a $9 billion difference in market value from Musk’s purchase price. The stock has fallen about 12% since reaching its high for the year in late April.
Causes for concern
Dan Ives, an analyst at Wedbush Securities, told CNBC that the stock would only be valued in the $20s if it remained a public company.
