The shares fell to their lowest level since Musk said earlier this month he would move ahead with his acquisition of the company.
New questions into its acquisition could cause its shares to close below $50 for the first time in a fortnight.
The market rose as a whole, threatening to close below $50 for the first time since October 7, but that didn't stop the share price from dropping.
The Biden Administration is considering placing Musk's business dealings under a national security review due to Musk cozying up to the Kremlin and securing financing for theTwitter deal from Saudi Arabia and Qatar, according to a report.
The report was seen as a major wild card for Wall Street, which expected the acquisition to go through.
The Washington Post reported on internal documents of Musk's plans to fire about 75% of Twitter's employees, which Ives called "way too aggressive" in a Friday note to clients.
The National Security Council doesn't know of any discussions about examining Musk's business dealings. The CEO of Musk's companies came under fire in recent weeks for a number of incidents that appeared to indicate a close relationship with the Russian government, including his proposal to cede territory to Russia. The partnership between Musk and the company quickly soured after Musk withdrew his takeover bid in July. Two weeks before the trial between Musk and the company was to start, Musk told the company he would move ahead with the original terms.
$53.50 per share. It was a 38% premium from the company's stock before Musk disclosed his position in the company. Between July and October, shares of the social media company shot up more than 20%.
We think Musk is worth more than anyone else.
Musk responded to a comment on the potential national security review calling it "hysterical" if the government stopped him from over paying.
Meta's shares fell 2.5% to $128.18.
The report says that Musk's deal may face a national security review.
Musk and the former president of Russia engage in an odd exchange on the social networking site.
According to Musk, the recession will probably last until the spring of 2019.
The report says that Musk plans to cut 75% of the workforce.
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