FILE - The logo for Twitter appears above a trading post on the floor of the New York Stock Exchange, Nov. 29, 2021. Twitter's stock slid more than 6% before the market open Monday, July 11, 2022, after billionaire Elon Musk announced late Friday that he will abandon his $44 billion offer to buy Twitter and the company said it will sue the Tesla CEO to uphold the deal. he was abandoning his $44 billion bid for the social media company.
Twitter has said for years in regulatory filings that it believes about 5% of the accounts on the platform are fake. But on Monday Musk continued to taunt the company, using Twitter, over what he has described as a lack of data.Twitter declared its intent to sue Musk. The company could have pushed for a $1 billion breakup fee that Musk agreed to pay under these circumstances.
Given current market conditions, Mogharabi said, Twitter may also have a solid argument that the layoffs and firings of the past weeks represent “an ordinary course of business.”“Many technology firms have begun to control costs by reducing headcount and/or delaying adding employees,” he said. “The resignations of Twitter employees cannot with certainty be attributed to any change in how Twitter has operated since Musk’s offer was accepted by the board and shareholders.
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