Musk mocks Twitter authorized menace after scrapping $44 billion deal
Twitter is planning to sue Musk as early as this week and pressure him to finish the acquisition, individuals conversant in the matter instructed Reuters.
Authorized consultants say the 16-year-old social media firm has a powerful authorized case towards Musk, however might go for a renegotiation or settlement as a substitute of a protracted court docket combat.
“We imagine that Elon Musk’s intentions to terminate the merger are extra based mostly on the latest market sell-off than… Twitter’s ‘failure’ to conform along with his requests,” Jefferies analyst Brent Thill wrote in a observe.
The contract requires Musk to pay Twitter a $1 billion break-up payment if he can not full the deal for causes such because the acquisition financing falling by or regulators blocking the deal. The payment wouldn’t be relevant, nevertheless, if Musk terminates the deal on his personal.