Twitter to pursue legal action against Elon Musk after backing down from deal
After Elon Musk’s letter to Twitter where he confirmed that he plans to back down from the platform’s purchase was public, there are more ramifications that need to be addressed. In short, Twitter’s stock will be dramatically affected by this decision as it could go down from the $38 per-share that it currently has to between $25 and $30 per-share.
This is definitely a disaster scenario compared to the Musk offer that reached an impressife $54.20 per-share. Due to how much the Twitter stock has plunged in recent months as have all major companies, the clause that allowed Musk to back down from the buy is no longer viable for the platform. If he decided to back down, Musk was supposed to pay $1 billion as a sanction and safely back down.
But the recent scenario for Twitter has made them pursue the deal with the tech mogul, meaning they will go all out to either make it happen or go to trial and fight it in court.
One of Twitter’s board members, Bret Taylor tweeted the following on Friday: “The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk.
