October 5, 2022, 23:55

Twitter Shares Plummet After Musk Torpedoed $44 Billion Buyout Deal – 11.07.2022, Sputnik International

Twitter Shares Plummet After Musk Torpedoed $44 Billion Buyout Deal – 11.07.2022, Sputnik International

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On Friday, the SpaceX and Tesla founder made it official: he’s walking away from his multibillion Twitter deal, refusing to purchase the social media platform because of the excessive number of “spam bots”. Twitter shares have tumbled as much as 7.8% in pre-market trading shortly after Elon Musk announced his buyout deal is no longer a go.With the social media company shares currently standing at $33.93, Musk’s Tesla Inc., on the contrary, climbed 1.1%. The gloomy pre-market figures come in the wake of Musk terminating the deal and setting up the stage for a heated legal battle with Twitter over the tanked buyout. According to the eccentric billionaire, the platform has failed to disclose the actual number of “spam bots” it has.“They said I couldn’t buy Twitter. Then they wouldn’t disclose bot info. Now they want to force me to buy Twitter in court. Now they have to disclose bot info in court,” said the meme shared by Musk on Monday.Twitter has already hired lawyers in order to legally force Musk to comply with the deal, according to Bloomberg, retaining Wachtell, Lipton, Rosen & Katz LLP to represent it in the upcoming legal battle. Musk’s lawyers, in turn, have reportedly argued that the social media company seems “to have made false and misleading representations” regarding Musk’s offer and had “breached” the original deal repeatedly.The Tesla CEO earlier warned that he would walk away from the buyout deal should Twitter fail to demonstrate that fewer than 5% of its daily active users were automated spam accounts.

Sourse: sputniknews.com

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