31 minutes agoMusk responds to Twitter after company's threat of indictment
Periskopi(4 years ago)
(4 years ago)The company's executive chief, Elon Musk, inaugurated on Monday the threat Twitter has made to sue him, following a decision to give up an agreement to purchase the social media company at a total of $44 billion. He wrote on Twitter that the company would have to give more [...]
The Twitter post series on Monday was the first public response Mr. Musk gave to Twitter, from the moment he made public his intention to give up the deal (Last Friday) accusing the company of violating certain provisions.
“Bord of Twitter should think of possible damage to company employees and shareholders if additional internal data occurs during the judicial process”, says company analyst Banchmark, Mark Zgutowicz, a company that handles market research.
Twitter has announced that it plans to sue Mr. Musk earlier this week and force him to complete the acquisition, people aware of the issue told Reuters agency.
Legal experts say the 16-year-old social media company has strong legal arguments against Mr. Musk, but can also choose a renegotiation or an official agreement instead of a lengthy judicial fight.
“We believe that Elon Mousk's reasons for ending the deal are more related to the drop of stock prices in the stock market than to a Twitter-based failure to meet his demands” wrote in a footnote Brent Thill, an expert working for <x2fefferies”, an American investment bank and financial companies with headquarters in New York City.
Under the contract, Musk must pay Twitter a $1 billion fine if he cannot meet the deal for reasons like failure of funding to carry out the purchase or if regulatory entities block the deal. But this obligation would not be implemented if Mr. Musk himself ended the agreement.
