Twitter said it will sue Elon Musk to complete the deal he just rejected, and is 'confident' it will win
On Friday, shares of Twitter fell 5 per cent to 36.81 dollars, well below the 54.20 dollars that Mr Musk had offered to pay.In a letter to the Securities and Exchange Commission, Mr Musk said Twitter has "not complied with its contractual obligations" surrounding the deal, namely giving him enough information to "make an independent assessment of the prevalence of fake or spam accounts on Twitter's platform".
He sold roughly 8.5 billion dollars worth of shares in Tesla to help fund the purchase, then strengthened his commitments of more than seven billion dollars from a diverse group of investors including Silicon Valley heavy hitters like Oracle co-founder Larry Ellison.
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