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

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 84%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

I acted on faith, I'm now reaping the reward of that bold step and making more money than I couldn't even imagine all thanks to an amazing woman fx_sarah_jeff

I have always hated Bitcoin and thought it was a scam until a friend referred me to Mike_Rosehart , I made my first withdrawal of R100,000 in 2 weeks thanks to Mike_Rosehart

54 but who's counting...

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines