Twitter Inc’s shares fell sharply after Tesla CEO Elon Musk terminated a US$44 billion acquisition deal. At the same time, Twitter described Elon Musk’s decision to cancel the deal as ‘invalid and wrong’.
The price of each Twitter share is US$33.31:
The Hill quoted FactSet data published by the Wall Street Journal on Monday as saying that Twitter’s share is currently priced at US$33.31, far lower than Musk’s offer of US$54.20 per share. Twitter shares fell 11.3 percent. Twitter’s shares are currently down significantly compared to April, when Musk acquired his initial nine percent stake in the company.
Tesla shares also fall:
At the same time, shares of Tesla, an automotive company owned by Elon Musk, have fallen 27 percent since the time Elon Musk announced his Twitter buyout, which is bigger than the overall 10 percent drop in the S&P 500 over that period. Additionally, social media platform Twitter is considering legal action against Musk over his decision to terminate the $44 billion acquisition deal.
Musk ridiculed Twitter:
Musk has ridiculed Twitter for starting a legal battle to force the company to buy it. Musk tweeted four photos of himself laughing, “They said I can’t buy Twitter. Because they won’t disclose bot info. Now they want to force me to buy Twitter in court. Now they get bot info in court.” will have to be disclosed.”
Twitter will sue Musk next week:
Let us tell you that Twitter has entrusted a top law firm in New York to file a case against Musk. According to The Hill, Twitter has selected leading New York law firms Watchtel, Lipton, Rosen & Katz to file claims against Musk in court. Twitter will sue Musk in Delaware next week. On the other hand, Musk has also started preparing for his defense. He chose the law firm Quinn Emanuel Urquhart & Sullivan.
We will win the legal battle: Brett Taylor
Twitter Chairman Brett Taylor said on Saturday that the company’s board of directors has agreed to break the deal with Musk at a fixed price and terms, but is planning legal action against Musk for complying with the terms of the merger agreements. We are sure that we will win in this legal battle. A case will be filed against Musk in a Delaware court.
Musk alleges that the number of fake accounts in Twitter exceeds 5%-
Earlier on Saturday, Musk’s team sent a letter to Twitter and announced the termination of the $ 44 billion purchase agreement. The letter states that Twitter has violated several terms of the purchase agreement, due to which the decision has been taken to postpone the deal. The Tesla CEO’s team believes that Twitter accounts for more than five percent of spam and fake accounts, so Musk is terminating the acquisition deal. The letter sent by Musk also alleges that he has repeatedly requested Twitter to give the exact number of his accounts over the past two months, but no information was given.
The post Twitter vs Elon Musk: Twitter shares fell 11.3% after Elon Musk canceled the deal appeared first on Spotlight 7.
source https://spotlight7.com/business/twitter-vs-elon-musk-twitter-shares-fell-11-3-after-elon-musk-canceled-the-deal/
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