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Twitter To Sue Elon Musk For Backing Out Of $44 Billion Deal

Twitter To Sue Elon Musk For Backing Out Of $44 Billion Deal

Twitter to Sue Elon Musk For Backing Out Of $44 Billion Deal

Twitter to Sue Elon Musk For Backing Out Of $44 Billion Deal

There are other concerns that need to be addressed in light of Elon Musk’s letter to Twitter, which announced his intention to withdraw from the platform’s purchase. As a result of this choice, Twitter’s stock price, which is currently $38 per share, might drop to between $25 and $30 per share.

ALSO, READ Elon Musk Finally Buys Twitter For $44bn Worth Deal

Comparing this situation to Musk’s offer, which hit an impressive $54.20 per share, is a nightmare. The caveat that permitted Musk to pull out of the purchase is no longer practical for the platform given how much Twitter’s value has fallen in recent months, as have the stocks of all significant corporations. Musk was required to hand over $1 billion as a fine and safely back down if he made the decision to change his mind.

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But the recent scenario for Twitter has made them pursue the deal with the tech mogul, meaning they will go all out to either make it happen or go to trial and fight it in court. One of Twitter’s board members, Bret Taylor tweeted the following on Friday: “The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk.

Twitter To Sue Elon Musk For Backing Out Of $44 Billion Deal

“The board plans to pursue legal action to encore the merger agreement. We are confident we will prevail in the Delaware Court of Chancery,” he said. It seems that Musk is about to get himself into deep trouble out of a simple whim, many argue he probably deserves what’s coming to him.

Can Musk Win This Legal Battle Against Twitter?

The only way this won’t go all the way to court is if both sides settle. However, the settling agreement has to be far more than just the $1 billion Musk would’ve paid if he backed down from the deal two months ago. Should they settle, Musk will have to pay far more than that in order to get the entire Twitter board off his case.

ALSO, READ, Elon Musk Threatens To Abandon $44billion Twitter Deal If….

If they go to trial, there is even a chance that the judge will force Elon Musk into buying Twitter. Either that or the judge will force Musk to pay a hefty amount of money for all the trouble he caused. This might very well be the single worst decision Musk ever made in his entire career.


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