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Benzinga
Benzinga
Business
Melanie Schaffer

Here's What To Watch On Twitter Stock As Elon Musk's Stake Goes Red

Elon Musk Nasdaq NYSE Parag Agrawal

Twitter, Inc (NYSE:TWTR) was spiking up over 3% on Tuesday after falling almost 28% beginning on May 5 to reach a $36.85 low, putting Tesla, Inc (NASDAQ:TSLA) CEO Elon Musk in the red on the 9.2% stake he took in the social media app on March 14.

The majority of the recent decline was caused by the implication that Musk’s deal to buy Twitter for $54.20 per share (announced on April 25) is on the brink. Musk has recently demanded proof from Twitter’s CEO Parag Agrawal, to show that the proportion of bots on the microblogging app are less than 5%, which Musk claims Agrawal has refused to do.

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