AF Acquisition Corp (AFAQ)


Stock Price Forecast

Dec. 23, 2022


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About the Company

Business magnate Elon Musk initiated an acquisition of American social media company Twitter, Inc. on April 14, 2022, and concluded it on October 27, 2022. Musk had begun buying shares of the company in January 2022, becoming its largest shareholder by April with a 9.1 percent ownership stake. Twitter invited Musk to join its board of directors, an offer he initially accepted before declining. On April 14, Musk made an unsolicited offer to purchase the company, to which Twitter's board responded with a "poison pill" strategy to resist a hostile takeover before unanimously accepting Musk's buyout offer of $44 billion on April 25. Musk stated that he planned to introduce new features to the platform, make its algorithms open-source, combat spambot accounts, and promote free speech. In July, Musk announced his intention to terminate the agreement, asserting that Twitter had breached their agreement by refusing to crack down on spambot accounts. The company filed a lawsuit against Musk in the Delaware Court of Chancery shortly thereafter, with a trial scheduled for the week of October 17. Weeks before the trial was set to begin, Musk reversed course, announcing that he would move forward with the acquisition. The deal was closed on October 27, with Musk immediately becoming Twitter's new owner and CEO. Twitter was taken private and merged into a new parent company named X Corp. Musk promptly fired several top executives, including previous CEO Parag Agrawal. Musk has since proposed several reforms to Twitter and laid off half of the company's workforce. Hundreds of employees then resigned from the company after Musk issued an ultimatum demanding they commit to "extremely hardcore" work. Linda Yaccarino was appointed CEO of X Corp. In June 2023, the Twitter service was rebranded as X. Reactions to the buyout were mixed, with praise for Musk's planned reforms and vision for the company, particularly his calls for greater free speech, but criticism over fears of a potential rise in misinformation and disinformation, harassment, and hate speech on the platform. Within the United States, conservatives have largely supported the acquisition, while many liberals and former Twitter employees have voiced concerns about Musk's intentions. Since becoming owner, Musk has faced backlash for his handling of the company and account suspensions, including the December 2022 suspensions of ten journalists.

Employees

3

Exchange

NASDAQ

$M

Total Revenue

3

Employees

$282M

Market Capitalization

9.28

Price/Earning ratio

Fundamental Data and Insider Transactions (Quarterly data) Full Screen

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Latest $AFAQ News

Northrop says Air Force design changes drove higher Sentinel ICBM cost

13h ago, source: Defense News

The Sentinel nuclear missile's costs have spiked 37%, largely due to the complexity of its command and launch segment, and ...

Sentinel ICBM’s first flight test slips to 2026: Air Force

17h ago, source: Breaking Defense

An official with prime contractor Northrop Grumman defended the beleaguered program, and said, "looking for that blame, I ...

Air Force selects Lockheed Martin Syracuse to build radars for combat training

on MSN ago, source:

Washington – Lockheed Martin has won a U.S. Air Force competition to build a new type of training radar at its plant in ...

New Air Force combat wings could deploy in two years

18h ago, source: Defense One

The U.S. Air Force is planning to deploy its new “mission-ready” combat wings as soon as two years from now—as it carries out ...

US Air Force conducts final test of Lockheed’s hypersonic missile

8d ago, source: Defense News

The Air Force has not requested more money for ARRW in 2025, and plans to wind down the prototyping program this year.

Joby Aviation to deliver three more electric aircraft to US Air Force

3d ago, source:

Joby Aviation delivered the first electric vertical takeoff and landing aircraft to the U.S. Air Force, and last week the ...

Trump’s social media company approved to go public, potentially netting former president billions

on MSN ago, source:

Shareholders of Digital World Acquisition Corp. approved a deal to merge with Trump Media & Technology Group, which runs the ...

Trump is about to get $3 billion richer after social media company goes public. But it won’t solve his cash crunch

7d ago, source: Sioux City Journal

According to a preliminary vote total announced during the meeting, a majority of shareholders of Digital World Acquisition ...

The US Air Force's oldest bomber fired off a new hypersonic weapon in the Pacific, but the missile's future is uncertain

on MSN ago, source:

The missile's latest test could be its last, as the Air Force remains uncertain about its future after mixed results.

Dayton company acquired by out-of-state buyer

8d ago, source:

A veteran-owned business in Dayton was recently acquired by an out-of-state U.S. government-focused solutions company.

Marine Corps Continues Path to Retirement for Artillery System that Has Seen Heavy Use in Ukraine

13d ago, source: Military.com

For more than two decades, the High Mobility Artillery Rocket System, or HIMARS, has served as a key piece for U.S.

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