Twitter sinks to Wall Street and burns $ 3.2 billion in market capitalization. Stocks of the company that chirps lose 11% in the first day of trading after theabandonment of Elon Musk acquisition projects. The valpode of the title is very far from the 54.20 dollars of theoffer presented by Musk in April.
Meanwhile, the company in a letter to Musk’s lawyers argues that the entrepreneur’s request to end the agreement to buy Twitter is invalid and wrong. Twitter is “committed” to closing the deal with Musk at the “price and within the established terms”, the letter reads. Twitter reiterates that it intends to take legal steps to implement the agreement and says it is “confident” that it will prevail in court. Twitter believes that the request to end the agreement is “invalid and wrong”, as well as a rejection of “obligations under”.
For its part Musk jokes on the pending legal action. In a tweet, she posted four pictures with him laughing accompanied by some statements. “They said I couldn’t buy Twitter,” reads the first. “They said they would not disclose information about fake accounts and bots,” is the second message. “Now they want to force me to buy Twitter in court,” he reads in the third Musk message. In the last statement, accompanied by a photo of Musk laughing with his head thrown back, it reads: “Now they have to spread the information about fake accounts and bots in court.” Tesla’s boss has repeatedly accused Twitter of not wanting to hand over data on fake accounts, which the company tweeting estimates at less than 5% of the total.
However, she announces a furious one legal battle between the social network and the patron of Telsa. Twitterin fact, he mandated heavyweights among American merger-savvy law firms for sue Musk. The company, according to Bloomberg reports citing informed sources, would have turned to Wachtell, Lipton, Rosen & Katz, leading names in the US landscape, with the aim of filing a lawsuit already earlier this week.
By hiring Wachtell, Twitter will have attorneys including Bill Savitt and Leo Strine, who have served as clerks of the Delaware Chancery Court, the court where the case will be handled. In fact, Delaware is the corporate headquarters of more than half of the American listed companies, including Twitter. Musk’s legal representatives are Quinn Emanuel Urquhart and Sullivan LLP.
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