October has just begun, and leave it to Elon Musk to kick it off in an inimitable and unexpected way and grab headlines like no one else.
Just when it looked like the lawsuit between Twitter (New York stock market :TWTR) and Musk on his bid to exit his $44 billion acquisition of the social media company was headed straight for its Oct. 17 start date, Musk pulled out a curveball no one saw coming when, on Tuesday, he sent a letter to Twitter (TWTR) proposing to move forward and finalize its acquisition of the company according to their previously agreed conditions.
Needless to say, investors loved Musk and Twitter’s idea (TWTR) make peace, and sent the company’s stock soaring more than 22% as of Tuesday’s market close.
However, you didn’t really expect things to work out so easily, did you?
On Wednesday, Delaware Chancellor Kathaleen McCormick said the lawsuit was still ongoing because neither Musk nor Twitter (TWTR) requested a stay in the case. And Thursday, Twitter (TWTR) shares plunged into the red as lawyers reportedly discussed with Musk the terms of the agreement and the means of reaching a resolution of the matter.
Meanwhile, analysts have weighed in on the matter, likely saying all about Musk won’t spend too much time on Twitter (TWTR) San Francisco Headquarters, at Twitter (TWTR) plays “a high-stakes game of poker” with on delaying a deal with Musk.
And then Musk late Thursday filed for a stay of legal action in the case with Twitter (TWTR), with a Target date of October 28 for the conclusion of the agreement.
While all Twitter (TWTR) was enough to keep most investors busy, there were other notable events in the tech sector this week.
Google (NASDAQ:GOOG) (GOOGL) attempted to steal Apple (NASDAQ:AAPL) iPhone 14 thunder, because he organized an event to show his new Pixel 7 phones, plus the new Pixel Watch. The Pixel 7 will start at $599, while the Pixel Watch comes with an initial price of $350.
Microsoft (MSFT) The ongoing acquisition of Activision Blizzard for $69 billion has continued to come under closer scrutiny from European regulators who have gathered comment and information from rival video game developers.
The parent company of Facebook Meta Platforms (META) was considering reducing office space in some of its retail locations due to more employees continue to work from home.
Advanced Microchip Maker Devices (NASDAQ:AMD) decided to dismiss the bad news early, as the company released preliminary third-quarter results weeks ahead of schedule. AMD (AMD) said its sales will arrive more than $1 billion less than expected due to factors such as inventory corrections and PC market weakness.
AMD (AMD) shares fell following its preliminary results. With earnings season set to kick off this month, many tech metrics, including Microsoft (MSFT), Intel (INTC) and Nvidia (NVDA) will all deliver their quarterly results shortly after dropping to 52-week lows.