We all know Elon Musk’s offer to purchase Twitter Inc. for all cash has been accepted by the board.
Before it was made public that Musk had an interest in the company, the stock was languishing at the $40 area. When Musk originally purchased shares of Twitter and investors speculated that he may attempt to buy it, they aggressively bought the stock.
Interestingly, the initial two-day surge took the issue no higher than $54.57. After several days of uncertainty regarding Musk’s true intentions, the issue backed off from the $50 area. Over the next 10 sessions, Twitter shares bounced between $44 and $50. On Monday, when the board accepted his $54.20 offer, the issue peaked at $52.29. It has traded under $48 in each of the last two sessions.
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