Twitter stock fell in premarket trading Friday after a report surfaced that the $44 billion dollar acquisition offer for the social media company by Elon Musk was in doubt.
Twitter stock dropped 3.5% to 37.40 in morning action on the stock market today.
Twitter stock has been on a roller-coaster ride ever since Musk, in April, made a highly speculative bid to acquire the social media company for $54.20 a share.
The board of directors ultimately agreed to the deal. But action in Twitter stock showed there is plenty of uncertainty as to whether it will go through or not.
Twitter Stock: Musk Team Stops Talks
Musk’s team has stopped engaging in discussions for funding the $44 billion deal, the Post said.
If Musk pulls out of the deal, it could trigger a big legal battle as the original deal spelled out a $1 billion fee if one or the other side busts the deal.
The Wall Street Journal said Twitter laid off 30% of its talent acquisition team, as the company deals with increasing business pressures. The layoffs are expected to affect fewer than 100 people. The cuts are limited to the talent acquisition team, the report said.
The Journal said a Twitter spokesman confirmed the layoffs but declined further comment.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
YOU MAY ALSO LIKE: