Twitter shares slid more than six per cent in the first day of trading after Elon Musk said he was abandoning his takeover bid. 9News
and the social media platform vowed to challenge Musk in court to uphold the agreement.
Musk agreed to a $US1 billion breakup fee as part of the buyout agreement, though it appears Twitter CEO Parag Agrawal and the company are settling in for a legal fight to force the sale. Morningstar analyst Ali Mogharabi noted that, regarding the spam user count Musk is so focused on, Twitter has "for years explicitly stated in regulatory filings that the 'below 5 per cent' spam count may not be accurate given that it is based on a sample and requires a lot of judgment."
Tech industry analysts say Musk's interlude leaves behind a more vulnerable company with demoralised employees.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How laughing Elon Musk got serious about ending Twitter dealBillionaire finds platform he no longer wants to buy useful after termination of $44bn takeover
Read more »
Elon Musk may have to complete $44bn Twitter takeover, legal experts sayTesla chief wants to terminate deal but he could be compelled to go through with it or pay a break fee
Read more »
The Elon Musk Twitter paradoxInvestors are divided about whether Elon Musk’s move to pull out of his Twitter takeover is a case of market capitulation, or a sign that equity markets are likely to remain depressed.
Read more »
Twitter hires top law firm to sue Musk over dropped dealThe social media company aims to file its suit early this week, according to sources.
Read more »
Elon Musk may have to complete $44bn Twitter takeover, legal experts sayTesla chief wants to terminate deal but he could be compelled to go through with it or pay a break fee
Read more »
The problem with Elon Musk’s high stakes plan to pull out of $US44bn Twitter dealMusk got the timing of his $US44bn offer for Twitter horrendously wrong. But now, he might have a very hard time wriggling out of it.
Read more »