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Looming Musk-Twitter legal battle hammers company shares

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Shares of Twitter slid more than 6% at the opening bell Monday after billionaire Elon Musk said that he was abandoning his $44 billion bid for the company and the social media platform vowed to challenge Musk in court to uphold the agreement.

NEW YORK —

Twitter has said for years in regulatory filings that it believes about 5% of the accounts on the platform are fake but on Monday Musk continued to taunt the company, using Twitter, over what he has described as a lack of data. “For Twitter this fiasco is a nightmare scenario and will result in an Everest-like uphill climb for Parag & Co. to navigate the myriad challenges ahead around employee turnover/morale, advertising headwinds, investor credibility around the fake account/bot issues, and host of other issues abound," Wedbush analyst Dan Ives, who follows the company, wrote Monday.

 

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Twitter Shares Down More Than 6% In Pre-Market As Legal Fight Against Musk LoomsTwitter’s board has said it will take legal action to ensure that its sale to Elon Musk goes through after the billionaire walked away from the deal Friday. 🤔
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