Early on Friday, Twitter shares fell by roughly 5% as concerns about Elon Musk`s potential takeover and weak Snap earnings weighed on social media stocks.
According to Bloomberg, the Biden administration was considering a national security investigation of Musk`s $44 billion acquisition of Twitter, in part due to the fact that Musk`s investment group includes Qatar`s sovereign wealth fund and Saudi Arabia`s Prince Alwaleed bin Talal.
According to Bloomberg, officials in the Biden administration are concerned by Musk`s apparent support for Russian President Vladimir Putin.
The Washington Post also reported that Musk plans deep staff cuts at Twitter if his purchase goes through.
Twitter shares were down 4.7 percent at $49.97 as of 1430 GMT.
On Friday, Snap stock fell by around 30%, along with other internet advertisers including Facebook parent Meta and Alphabet, the parent company of Google.
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