Twitter Share Price: Twitter’s Stock Fell Sharply
Twitter Share Price: Twitter’s stock fell sharply, falling 11.3 percent; Know what was the reason.
The company is preparing for legal action against Elon Musk after Tesla CEO Elon Musk terminated a US$44 billion acquisition deal with social media platform Twitter.
Meanwhile, a sharp decline was seen in the stock of Twitter Inc. According to the news agency, Twitter’s shares have fallen as much as 11.3 percent after Musk withdrew his takeover bid.
According to FactSet data published by The Wall Street Journal on Monday, Twitter’s stock is currently trading at around US$33.31, much lower than Musk’s offer of US$54.20 per share, The Hill reported.
Significantly, the company’s shares are now lower than in April, when Musk acquired his initial 9 percent stake in the company.
On the other hand, Twitter said on Monday that the company has not violated the merger agreement with Elon Musk.
Twitter Inc. said on Monday that it has not violated any obligations under the merger agreement.
Twitter in preparation for legal action.
However, shares of Musk’s company Tesla also fell 27 percent after its CEO announced that he would buy Twitter.
In addition, Twitter is considering legal action against Elon Musk against his decision to terminate the $44 billion acquisition deal.
Let us tell you that according to a report in The Hill, the microblogging site has contacted a well-known New York law firm Wachtel, Lipton, Rosen & Katz LLP to sue Musk.
Twitter will file its lawsuit in Delaware next week. On the other hand, Musk is being represented by the law firm Quinn Emanuel Urquhart & Sullivan.
Twitter Share Price: Musk made allegations of hiding information on Twitter.
Let us tell you that a letter was written by Musk’s team to Twitter on Saturday, announcing the termination of the Twitter purchase deal.
In April, Musk signed an acquisition agreement with Twitter for $54.20 per share in a transaction of about $44 billion.
However, Musk halted the deal in May to allow his team to review the veracity of Twitter’s claim that less than 5 percent of accounts on the platform are spam.
Then in June, Musk openly accused Twitter of violating the merger agreement and of hiding information about spam and fake accounts.
