Twitter shares sink on Monday after Elon Musk mockingly and defiantly commented about an impending legal dispute. Musk abandoned a $44 billion takeover of Twitter. Analysts claim that Musk’s exit leaves the company in a weak position at a difficult time for its core business, which is why shares of the microblogging platform dropped 11.3 percent to close at $32.65.
According to a letter from his attorneys (that’s there in a US securities filing), Musk terminated the agreement on Friday, accusing Twitter of making “misleading” claims about the number of false accounts, following weeks of threats.
Musk criticizes the corporation on Twitter
Musk has also criticized the corporation on Twitter. In his first statements to the public since the revelation, it stated it would sue to enforce the agreement.
Many said that Musk couldn’t purchase Twitter. Then they wouldn’t reveal information about bots. Now they want a judge to order Musk to buy Twitter. “Now that they must divulge bot data in court,” he mentioned in a tweet. Additionally, each of the four points is backed with a picture of Musk giggling with delight. In a subsequent tweet, Musk captioned a photograph of martial arts legend Chuck Norris standing in front of a chessboard with the phrase “Chuckmate.”
Twitter responded with a denial of Musk’s claim
Late Monday, Twitter responded with a new denial of the Tesla CEO’s claims, sending a legal letter to Musk’s counsel that referred to the claims as “null and unjust,” according to a securities filing.
Twitter’s lawyers at Wachtell, Lipton, Rosen & Katz stated that the company “necessitates that Mr. Musk, as well as the other Musk Parties, adhere to the rules underneath the agreement. It includes their commitments to use their respective sensible best efforts to finalize and make successful exchanges.
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