As billions are wiped of the value of the social media giant, its battle with the world's richest man is likely to provide plenty of drama - but the owners of Twitter's stock could be the ones who truly suffer
Shares in Twitter had already fallen nearly 30% since Musk’s bid on 25 April to 8 June, hitting $36.80. They have never reached the $54.20 that Musk bid for the firm since he made the offer, and with uncertainty about the firm’s future all but guaranteed in the short-term, the share price is likely to remain volatile.
Twitter is expected to file a legal claim against Musk later this week. The court may grant it the $1bn break fee included in the deal but may not force Musk to buy the firm. Some experts suggest this latter, potentially more widely damaging outcome, could be the one that transpires. With Twitter’s $1.2 billion first-quarter revenues missing analysts’ estimates, all eyes will be on this month’s second-quarter update to see how the underlying business is doing and what impact the Musk saga is having on the firm.Andrew Ross Sorkin, in 2001, a judge ruled that the poultry giant, which was then the nation’s largest beef processor. Tyson said it was unaware of accounting probems at IBP. But IBP said that Tyson was just having “buyer’s remorse”.
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.
Twitter shares fall as Elon Musk backs out of dealThe social media site is threatening the multi-billionaire with legal action after his U-turn.
Read more »
With or without Elon Musk, Twitter is overdue a shake-upElon Musk’s acquisition of Twitter was to be one of the biggest buy-outs in corporate history. Now it threatens to become one of the ugliest disputes
Read more »
Twitter hires Wachtell legal firm to sue Elon Musk for ending $44bn acquisition\n\t\t\tExclusive scoops\n\t\t\tSmart data to help spot risk and opportunity\n\t\t\tAnalysis of broader trends in M&A\n\t\t\tLex, our agenda-setting business commentary (Premium only)\n\t\t\tDue Diligence, an exclusive M&A newsletter (Premium only)\n\t\t
Read more »
Musk and Twitter lawyer up for battle in Delaware courtTwitter will fight in the Delaware Court of Chancery to compel Musk to follow through on his agreement to buy the company
Read more »
Ex-‘Cheer' Star Jerry Harris Gets 12 Years for Seeking Photos, Sex From MinorsBefore learning his sentence, Jerry Harris apologized to his victims, saying, “I am deeply sorry for all the trauma my abuse has caused you.'
Read more »