Twitter stock falls after report says Biden admin weighing security review of Musk ventures

Twitter stock falls after report says Biden admin weighing security review of Musk ventures

Invalid Date by CNN

Key Facts

  • The stock reaction, which rebounded somewhat later in the morning, followed a Bloomberg report that Biden administration officials are in early discussions about possibly subjecting some of Musk’s ventures to national security reviews, including the planned Twitter (TWTR) takeover.
  • In a separate report Thursday evening, Bloomberg said that bankers and lawyers for both Twitter and Musk are preparing the paperwork needed to complete the deal.
  • On a conference call this week to discuss Tesla’s earnings results, Musk said he was “excited” about the Twitter deal, but also admitted that he is “obviously overpaying” for it.
  • The Washington Post on Thursday reported that Musk told prospective investors in the deal that he planned to get rid of nearly 75% of the company’s staff, and that Twitter had already planned massive layoffs even if the deal did not go through, citing internal documents and interviews with people familiar with the matter.

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