World’s richest man Elon Musk pulling out of Twitter – Twitter shares tumbled 11.3% on the news Monday, but still seemed priced to reflect the possibility a deal will still happen at a lower price.
Some analysts say that Twitter stock could still plunge another 30% from here if there is no sale.
Elon Musk’s attorney had first notified the Twitter board last Friday that Musk wants to cancel his purchase of the social media platform, and cited the issue with the number of bots and fake accounts to allege that Twitter was not being truthful about how many users and how much fake activity there was on the platform.
Twitter intends to challenge to uphold the sale and engaged top lawfirm Wachtell, Lipton, Rosen & Katz. William Savitt from the firm asserted that Twitter had lived up to its end of the agreement, and that the withdrawal by Musk and his backers is “invalid and wrongful, and it constitutes a repudiation of their obligations under the agreement.”
Twitter shares have dropped 7.11% to $34.23, on track to erase about $2 billion in market value, and have been trading well below the $54.20-per-share offer Musk made in April since the inflation stoked market correction happened.
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Read more about World’s richest man Elon Musk pulling out of Twitter here https://economictimes.indiatimes.com/markets/stocks/news/twitter-shares-slump-in-pre-market-trade-as-musk-deal-backtrack-sets-scene-for-legal-battle/articleshow/92802297.cms
