The Twitter logo is displayed on the floor of the New York Stock Exchange in this file photo. Twitter's shares surged after Musk took a stake in the company in early April, shielding it from a deep stock market sell-off that slammed other social media platforms. Picture: REUTERS/STEVE NESIUS
The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk...,” he wrote.
Musk also said he was walking away because Twitter fired high-ranking executives and one-third of the talent acquisition team, breaching Twitter's obligation to “preserve substantially intact the material components of its current business organisation.”Musk's decision is likely to result in a protracted legal tussle between the billionaire and the 16-year-old San Francisco-based company.
There is plenty of precedent for a deal renegotiation. Several companies repriced agreed acquisitions when the Covid-19 pandemic broke out in 2020 and delivered a global economic shock. Twitter's shares surged after Musk took a stake in the company in early April, shielding it from a deep stock market sell-off that slammed other social media platforms.
Did anyone really believe that he was serious about buying Twitter?This guy is the ultimate Loki 🤦🤦🤦🤦
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