Twitter Tumbled Over 6% in Morning Trading After Elon Musk Terminated $44 Billion Deal

Tiger Newspress2022-07-11

Twitter tumbled over 6% in morning trading after Elon Musk terminated $44 billion deal.

  

On Friday, Musk’s attorney notified Twitter’s board that he wants to cancel the deal. The billionaire has taken issue with the number of bots and fake accounts on Twitter and says the company isn’t being truthful about how much activity on the service is authentic.

Twitter, on the other hand, says it has given Musk the information he needs to assess its claim that spam accounts make up only 5% of monetizable daily active users, including its so-called firehose, an unfiltered, real-time stream of daily tweets.

Bret Taylor, Twitter’s board chair, said the company would pursue legal action in the Delaware Court of Chancery to enforce the agreement.

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Comments

  • Jess261
    2022-07-12
    Jess261
    Okay
  • robot1234
    2022-07-12
    robot1234
    Twitter says Musk’s request to terminate the deal is invalid. Twitter’s lawyers said in a letter on Monday that Elon Musk’s effort to terminate the acquisition is “invalid and wrongful.” Since agreeing to buy Twitter earlier this year, Musk has been trying to get out of the deal. Musk’s attorneys claimed in Friday’s letter that Twitter breached its obligations related to the acquisition by allegedly failing to provide Musk with the information necessary to calculate the number of spam accounts on the service. However, Twitter attorney William Savitt of the law firm Wachtell, Lipton, Rosen & Katz wrote in Monday’s letter that “Twitter has breached none of its obligations under the Agreement.”Twitter shares plunged 11% on Monday to $32.65. They’re now trading 40% below the price of $54.2
  • Jean0031
    2022-07-11
    Jean0031
    Like
  • Sysy
    2022-07-11
    Sysy
    Ok
  • NPC69
    2022-07-11
    NPC69
    K
  • h20
    2022-07-11
    h20
    Ouch😶
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