at Elon Musk on Monday, accusing the world’s richest person of “knowingly” breaching an agreement to buy the social media firm, days after the Tesla chief sought to back out of the US$44-billion deal.
“Twitter demands that Mr Musk and the other Musk parties comply with their obligations under the agreement, including their obligations to use their respective reasonable best efforts to consummate and make effective the transactions contemplated by the agreement,” the letter said.The company has planned to sue Musk to force him to complete the deal, a threat he laughed off on Monday, when he sent a series of tweets joking about Twitter and its threat to enforce the agreement in court.
Twitter’s shares ended down 11.3% at $32.65, a 40% discount to Musk’s $54.20 bid and the biggest daily percentage drop in more than 14 months. They rebounded less than 1% in extended trading. Traders short selling Twitter’s tumbling stock made $148-million in mark-to-market profits on Monday, according to S3 Partners.
Pileggi said if the number of fake accounts is many times higher than the 5% estimated by Twitter, it could lead to negotiations for a reduced price for the social media platform.
Law Law Latest News, Law Law Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: dailymaverick - 🏆 3. / 84 Read more »