Tesla Inc TSLA and SpaceX CEO Elon Musk said on Thursday he is spending very little of his time on the $44 billion Twitter Inc TWTR buyout, amid growing calls that the billionaire entrepreneur should focus on his core companies instead.
What Happened: The world’s richest man said he is spending less than 5% of his time on the Twitter acquisition, adding how can multitask between Tesla and SpaceX.
Why It Matters: Musk’s roller-coaster Twitter takeover has seen him tweet prolifically about the microblogging platform and how it is the bedrock of democracy. Last week, he put the deal on hold, saying that Twitter’s public filings about the percentage of bots or spam accounts were not accurate.
Musk also said a lower price for the deal would not be “out of the question” as the number of bots on the platform is as "unknowable as the human soul basically."
Wedbush Securities analyst Dan Ives on Thursday slashed his price target on Tesla to $1,000 from $1,400, saying China's headwinds are difficult to ignore, as were Musk’s distraction risks, amid the worst supply chain crisis in modern history.
Price Action: Tesla shares closed marginally down to $709.4 on Thursday, while Twitter closed 1.2% higher at $37.3, according to Benzinga Pro data.
Photo courtesy: Felixsj on Wikimedia
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