Business Maverick: Twitter Shares Sink, With Legal Battle Ahead as Elon Musk Walks Away

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Twitter Inc. shares tumbled Monday after Elon Musk walked away from his $44 billion deal to buy the company, setting the scene for a disruptive legal battle.

Twitter Chairman Bret Taylor said the company will pursue legal action in order to close the transaction “on the price and terms agreed by Mr. Musk.” The company has hired merger-law heavyweight Wachtell, Lipton, Rosen & Katz and aims to file suit early this week, according to people familiar with the company’s plans, who asked not to be identified because the matter is private.

Twitter has denied Musk’s claims, saying bots are less than 5% of the total users, with executives repeating as recently as Thursday that their estimates are accurate.“They are going to require Musk to do the deal even though he says it is terminated, and they have what I would say is a greater than 50% chance that they will win,” said market strategist Cabot Henderson, who has a focus on merger arbitrage and special situations at JonesTrading.

 

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