Twitter's stock falls below where Musk bought it, turning a $1.1 billion profit into a $40 million

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loss

Easy come, easy go, as shares of Twitter Inc. fell below where Elon Musk bought it, wiping out more than $1.1 billion in gains in four weeks.

The social-media company’s stock TWTR, -5.55% sank 6.0% in afternoon trading Tuesday, toward the lowest close since March 16. It has tumbled 31.1% since it closed at a high of $51.70 on April 25, which was the day Twitter agreed to be acquired by Musk for $54.20 a share.

A 13D filing with the Securities and Exchange Commission on April 5 showed that Musk, who is chief executive of Tesla Inc. TSLA, -6.93% and founder of SpaceX, bought his 73.12 million shares of Twitter, or 9.1% stake, at a weighted average price of $36.157, according to a MarketWatch analysis of the data.

That means at the current stock price, which is 1.5% below the purchase price, Musk would be losing $40.7 million on his investment. That compares with a $1.14 billion gain at the April 25 closing price of $51.70.

https://www.marketwatch.com/story/twitters-stock-falls-below-where-elon-musk-bought-it-turning-a-1-1-billion-profit-into-a-40-million-loss-11653421326

[no_hypocrisy]

1. Quelle dommage . . . . .

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2. Bwah!