Chasing Elon Musk of Twitter – a melodrama from the start, a capricious courtship between a mercurial billionaire and a massive influencer social media platform – is set to the end in A Messy Divorce Because The Company Won’t Leave Him of The world’s richest person without a fight Apparently it will lead to legal release battle To support the CEO of Tesla’s troubled bid of $44 billion after Musk said he had closed the deal.
Twitter CEO Brett Taylor said: on microblogging platform board It plans to pursue legal procedures to enforce the merger agreement.
Twitter’s board is committed to closing the deal on The price And the terms agreed with Mr. Musk…”.
In a filing, Musk’s lawyers said Twitter did failed Or refuse to respond to multiple requests for information on Fake or spam accounts on Articles of Association, which is fundamental to the company business performance.
Twitter is in material pierce of Multiple provisions of It seems that this agreement made false and the misleading assertions that Musk relied on when entering into the merger agreement.”
musk also He said he was staying away because Twitter fired top executives and one-Third of talent acquisition teamin breach of Twitter’s obligation to “preserve the files of material elements of that it current business organization. “
Twitter’s board is committed to closing the transaction on The price And the terms agreed with Mr. Musk and plans To follow up the legal procedures to enforce the merger agreement. We are sure we will win in Delaware Court of Chancery.
– Brett Taylor (@btaylor) July 8, 2022
legal battle
catch decision probably result in A protracted legal struggle between the billionaire and 16-yearOld company based in San Francisco.
Mergers and acquisitions disputed that land in Delaware Courts more often never ending up with Companies that renegotiate deals or pay the buyer for the settlement goal walk away, instead of the judge ordering That the transaction be completed. This is because the target companies are often keen on it resolve uncertainty about future And the move on.
Twitter, however, hopes that court action will start in A few weeks and it is resolved in A few months, according to a familiar person with Subject.
There are many of precedent for Re-negotiate the deal. Many companies re-priced agreed acquisitions when the COVID-19 pandemic broke out out in 2020 and peace global economic shock.
in one For example, French retailer LVMH threatened to walk Away from the bargain with Tiffany & Co. approved. US retailer jewelry to cut the acquisition price From $425 million to $15.8 billion.
“I would say Twitter is legally well positioned to say they gave it to him with All it takes information This is an excuse to search for No excuse to get it out of Ann Lipton, Associate Dean, said: for teachers research At Tulane School of Law.
Involved of Twitter was down 6% at $34.58 in extended trading. this is 36% below $54.20 each share Musk agreed buy Twitter for in April.
Twitter shares rose after musk took An interest in company in Early April, protect it from deep stock market sold-off who criticized others social media platforms.
But after he agreed on From April 25 to buy Twitter, the arrow inside the matter of The days began to fall as investors speculated that Musk might be walk away from the bargain. With his stumble after bell on Friday, it was Twitter trading Its lowest since March.
The announcement It is another development in Commandment-won’The saga After Musk reached the deal purchase Twitter in April but then the acquisition mode on Wait till social media The company has proven that spam bots account for less than 5% of that it total users.
Contract calls for Musk Pays Twitter $1 Billion If He Can’t complete Deal for Reasons such as buyout financing or regulators blocking the deal. However, no break-up fee will apply if Musk terminates the deal on owned by him.
Some employees expressed disbelief and fatigue on Friday, post memes in public on Twitter, like of roller coaster ride and baby shouting on the phone, in clear comment on Hour farewell. The employees were worried about what the deal would mean for their jobs, pay and ability to me work remotely, and many have expressed doubts about Mask plans to relieve content moderation.
Digital Advertising Problems
musk desertion of The deal is a strong Twitter promise fight to me complete cast a shadow of suspicion over company future and stockpile price During a time when there were fears rising Interest rates and a potential recession have hit Wall Street.
Involved of online Ad competitors like Alphabet, Meta Platforms, Snap, and Pinterest saw a 45% drop. on modified in 2022, while Twitter stock has declined just 15th% in At that time, refresh in The last months of the Musk deal.
Daniel Ives, Ann analyst In Wedbush, he said Musk’s file was bad news for Twitter.
“This is a catastrophic scenario for Twitter and board As the company will do now battle musk in extended court battle To refund the transaction and/or disassembly fee of a billion dollars minimum. in Note to customers.
Chasing Elon Musk of Twitter – a melodrama from the start, a capricious courtship between a mercurial billionaire and a massive influencer social media platform – is set to the end in A Messy Divorce Because The Company Won’t Leave Him of The world’s richest person without a fight Apparently it will lead to legal release battle To support the CEO of Tesla’s troubled bid of $44 billion after Musk said he had closed the deal.
Twitter CEO Brett Taylor said: on microblogging platform board It plans to pursue legal procedures to enforce the merger agreement.
Twitter’s board is committed to closing the deal on The price And the terms agreed with Mr. Musk…”.
In a filing, Musk’s lawyers said Twitter did failed Or refuse to respond to multiple requests for information on Fake or spam accounts on Articles of Association, which is fundamental to the company business performance.
Twitter is in material pierce of Multiple provisions of It seems that this agreement made false and the misleading assertions that Musk relied on when entering into the merger agreement.”
musk also He said he was staying away because Twitter fired top executives and one-Third of talent acquisition teamin breach of Twitter’s obligation to “preserve the files of material elements of that it current business organization. “
Twitter’s board is committed to closing the transaction on The price And the terms agreed with Mr. Musk and plans To follow up the legal procedures to enforce the merger agreement. We are sure we will win in Delaware Court of Chancery.
– Brett Taylor (@btaylor) July 8, 2022
legal battle
catch decision probably result in A protracted legal struggle between the billionaire and 16-yearOld company based in San Francisco.
Mergers and acquisitions disputed that land in Delaware Courts more often never ending up with Companies that renegotiate deals or pay the buyer for the settlement goal walk away, instead of the judge ordering That the transaction be completed. This is because the target companies are often keen on it resolve uncertainty about future And the move on.
Twitter, however, hopes that court action will start in A few weeks and it is resolved in A few months, according to a familiar person with Subject.
There are many of precedent for Re-negotiate the deal. Many companies re-priced agreed acquisitions when the COVID-19 pandemic broke out out in 2020 and peace global economic shock.
in one For example, French retailer LVMH threatened to walk Away from the bargain with Tiffany & Co. approved. US retailer jewelry to cut the acquisition price From $425 million to $15.8 billion.
“I would say Twitter is legally well positioned to say they gave it to him with All it takes information This is an excuse to search for No excuse to get it out of Ann Lipton, Associate Dean, said: for teachers research At Tulane School of Law.
Involved of Twitter was down 6% at $34.58 in extended trading. this is 36% below $54.20 each share Musk agreed buy Twitter for in April.
Twitter shares rose after musk took An interest in company in Early April, protect it from deep stock market sold-off who criticized others social media platforms.
But after he agreed on From April 25 to buy Twitter, the arrow inside the matter of The days began to fall as investors speculated that Musk might be walk away from the bargain. With his stumble after bell on Friday, it was Twitter trading Its lowest since March.
The announcement It is another development in Commandment-won’The saga After Musk reached the deal purchase Twitter in April but then the acquisition mode on Wait till social media The company has proven that spam bots account for less than 5% of that it total users.
Contract calls for Musk Pays Twitter $1 Billion If He Can’t complete Deal for Reasons such as buyout financing or regulators blocking the deal. However, no break-up fee will apply if Musk terminates the deal on owned by him.
Some employees expressed disbelief and fatigue on Friday, post memes in public on Twitter, like of roller coaster ride and baby shouting on the phone, in clear comment on Hour farewell. The employees were worried about what the deal would mean for their jobs, pay and ability to me work remotely, and many have expressed doubts about Mask plans to relieve content moderation.
Digital Advertising Problems
musk desertion of The deal is a strong Twitter promise fight to me complete cast a shadow of suspicion over company future and stockpile price During a time when there were fears rising Interest rates and a potential recession have hit Wall Street.
Involved of online Ad competitors like Alphabet, Meta Platforms, Snap, and Pinterest saw a 45% drop. on modified in 2022, while Twitter stock has declined just 15th% in At that time, refresh in The last months of the Musk deal.
Daniel Ives, Ann analyst In Wedbush, he said Musk’s file was bad news for Twitter.
“This is a catastrophic scenario for Twitter and board As the company will do now battle musk in extended court battle To refund the transaction and/or disassembly fee of a billion dollars minimum. in Note to customers.