Elon Musk's Twitter profile is seen on a smartphone placed on printed Twitter logos in this picture illustration taken April 28, 2022. REUTERS/Dado Ruvic/Illustrationshares have plunged to their lowest level since the social media company agreed to sell itself to Elon Musk for $44 billion on April 25, raising questions over whether the world's richest person will try to renegotiate the deal.
Musk has not indicated he is planning to re-open negotiations and his representatives have declined to comment on the issue.Musk has an estimated net worth of almost $240 billion according to Forbes, yet most of his wealth is tied up in shares of Tesla IncMusk has already moved to raise some cash to fund the acquisition of Twitter. He sold $8.5 billion worth of Tesla shares and took out a $12.5 billion margin loan secured against his Tesla stock. Last week he reduced that margin loan to $6.
First, Musk would have to convince Twitter he would really walk away. Then there are legal hurdles, including a "specific performance" clause that the social media company can cite for a judge to force Musk to complete the deal. Companies that have fought acquirers in court include medical technology firm Channel Medsystems Inc, which sued Boston Scientific Corp
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