Elon Musk defers visit to India citing heavy obligations
The Tesla CEO was scheduled to meet Prime Minister Narendra Modi and announce his plans to invest in this country. His visit to India is now expected after the Lok Sabha elections.
Tesla CEO Elon Musk on Thursday said that “Tesla is on my mind 24/7,” in an attempt to calm down the investors worried about him being distracted by the Twitter deal that has impacted the stocks of his Tesla car company.
While sharing a meme on his Twitter handle he stressed “So may seem like below, but not true.” “To be clear, I’m spending <5% (but actually) of my time on the Twitter acquisition. It ain’t rocket science! Yesterday was Giga Texas, today is Starbase, Tesla is on my mind 24/7,” tweeted Elon.
This comes after Twitter shares fell by 20 per cent in early trading after his announcement to buy the social media platform, media reports said.
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Earlier Musk said that the takeover of Twitter Inc is temporarily on hold due to the calculation of fake accounts in it. “Twitter deals temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5 per cent of users,” Musk tweeted tagging a media report.
Musk’s announcement came before the opening of trading in the American stock exchanges.
In the pre-market trading, Twitter Inc share price crashed to USD 37.10, which is 17.7 per cent lower than its previous day’s close.
Musk reached an agreement with Twitter on the acquisition of the social network for USD 54.20 per share in a transaction valued at approximately USD 44 billion in late April. He later said that he would like to revolutionize Twitter’s role in public debate as “free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated.”
The billionaire said earlier that he was ready to spend USD 21 billion of his own funds to seal the deal, and that Morgan Stanley Senior Funding, Bank of America, Barclays, and other institution will provide USD 25.5 billion in debt financing, with some USD 12.5 billion to of the loan to be secured with Tesla shares.
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