Harold Hutchison, DCNF
A Fox Business Network host questioned Elon Musk’s latest moves in the ongoing Twitter deal along with other Tesla matters Monday morning.
“What the heck is going on?” “Mornings With Maria” guest host Dagen McDowell asked Fox News contributor Liz Peek on Fox Business Network about Musk’s announcements regarding his effort to purchase Twitter and hiring plans at Tesla.
“I think Elon Musk stock – Tesla stock – got pretty beaten up after that announcement that he was laying people off because it suggests a slowdown in orders and in sales, his stock down 40% from the high recently, and I think that’s kind of cutting into his overall financial plan to take over Twitter,” Peek said. “He can’t really allow Tesla stock to get much lower because he needs the stock to be pretty high.”
Twitter accepted a $44 billion offer to buy the social media site and take it private from the Tesla and SpaceX CEO in April.
Musk’s attorneys also wrote Twitter Monday, threatening to back out of the deal due to a failure to provide data on fake accounts and spam, Fox Business reported. Musk emailed Tesla employees Friday, announcing plans to lay off 10% of Tesla’s salaried workforce, citing a “super bad feeling” about the economy, CNBC reported.
Discussion of Musk continued on the network. One guest called Musk’s threat to back out of the deal “a great fight.”
“All he wants to do is look under the hood and they don’t want him to do that because they have been hiding this for a very long time,” Jeff Sica of Circle Squared Alternative Investments said on “Varney and Company.” “So I think if he doesn’t get what he wants he should drive that stock down more and buy it at a discount. At a bargain basement discount.”
Musk appeared to reverse course on job cuts at Tesla over the weekend.
“Total headcount will increase, but salaried should be fairly flat,” Musk said on the social media site Saturday.
“Twitter has and will continue to cooperatively share information with Mr. Musk to consummate the transaction in accordance with the terms of the merger agreement,” a Twitter spokesman told The Daily Caller News Foundation. “We believe this agreement is in the best interest of all shareholders.”
Tesla did not immediately respond to requests for comment from TheDCNF.
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