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Elon Musk's latest move to buy a 9.2% stake in Twitter and later accepting a position on the board before backing out is causing quite the stir on Wall Street. Analysts believe Elon Musk's purchase of Twitter is a sign to investors that it's time to ditch the stock, with analysts such as Mark Kelley downgrading Twitter's stock to a sell from a hold rating, calling the move from Musk a "full blown Elon circus" The Tesla CEO offered to buy out the social media company for $54.20 per share, sending the stock up roughly 3.6% on Thursday morning to around $47.50 per share. However, some believe Musk's "best and final offer" may not be enough, and that he may need to pay more for Twitter than he's willing to. Subscribe to CNBC Pro to read more about Elon Musk's latest moves, and so much more, exclusively for CNBC Pro subscribers. |
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