While stocks took a steep tumble Friday in a widescale Wall Street sell-off, shares of Twitter rose more than 3.23 percent in value as Tesla founder Elon Musk continues his quest to buy the San Francisco-based social media giant.
But the news wasn’t all rosy for Musk. Tesla joined the tech giants across the Silicon Valley in being caught up in the selling frenzy, dropping $3.73 to $1,005 a share.The FANG stocks — Meta , Amazon, Netflix and Alphabet — all took tumbles by the closing bell. Meta dropped $2.45 to $185.62 a share. Amazon fell $65.45 to $2,900 a share. Netflix ended a miserable week, dropping $2.50 to $215.72 and Alphabet dipped $97.84 to drop to $2,398.
He said he has commitment letters to finance the deal, including two debt commitment letters from Morgan Stanley and other unnamed financial institutions and one equity commitment letter from himself, according to a filing with the Securities and Exchange Commission. Although he is the richest person in the world, much of Musk’s wealth is tied up in Tesla stock, and some followers of the company speculated that it could be challenging for Musk to raise debt against the historically volatile stock.
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