Shares of Twitter Inc. climbed 2.6% in premarket trading Friday, after the social media company said the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act with respect to the buyout agreement with Tesla Inc. Chief Executive Elon Musk has expired. The expiration of the 30-day waiting period was a condition of the closing of the deal. Meanwhile, Tesla’s stock slumped 4.6% ahead of the open, as buyout of Twitter by Musk has been viewed by some investors as a distraction for Tesla’s CEO, and could potentially lead to Musk selling some of his Tesla stock. Also weighing on Tesla’s stock Friday, Musk reported said he wanted to cut the electric vehicle maker’s workforce by 10% because he had a super bad feeling about the economy. Twitter’s stock has lost 7.7% year to date through Thursday, while Tesla shares have tumbled 26.7% and the S&P 500 has declined 12.4%.
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