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Twitter shares tumble after Elon Musk ends $44B deal.

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Musk said he plans to terminate his $44 billion deal to buy Twitter

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By Anders Hagstrom Fox Business

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Elon Musk is 'scrapping' $44B Twitter deal

Kaltbaum Capital Management Gary Kaltbaum said 'the party is over' following Elon Musk's decision to terminate Twitter deal on 'Fox Business Tonight.'

Twitter shares tumbled Monday following news that billionaire Elon Musk planned to walk away from his deal to purchase the company for $44 billion.










TWTR

TWITTER INC.

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Musk's attorney informed Twitter last week that the Tesla CEO was terminating the deal to purchase the social media giant. Musk alleges that Twitter appears to have "made false and misleading representations" regarding the platform, particularly how it handles spam accounts.

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TESLA INC.

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"For nearly two months, Mr. Musk has sought the data and information necessary to ‘make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform,'" Musk's lawyer wrote Friday.

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Elon Musk’s Twitter account is displayed on the screen of an iPhone in front of the homepage of the Twitter website. (Chesnot/Getty Images / Getty Images)

ELON MUSK TWITTER SILENCE REACHES 9 DAYS

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"This information is fundamental to Twitter’s business and financial performance and is necessary to consummate the transactions contemplated by the Merger Agreement because it is needed to ensure Twitter’s satisfaction of the conditions to closing, to facilitate Mr. Musk’s financing and financial planning for the transaction, and to engage in transition planning for the business," he added.

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"Twitter has failed or refused to provide this information. Sometimes Twitter has ignored Mr. Musk’s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information," the lawyer continued.

In a series of tweets on Monday, Musk suggested Twitter will be forced to hand over the relevant information during court proceedings.

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7:04 AM · Jul 11, 2022



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Musk appeared to compare his legal skills to those of Chuck Norris.





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Twitter shares closed at $36.81 per share on Friday, sharply lower than Musk's $54.20 per-share offer.

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Conversation(534)


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  • danrather50
    7h ago

    The shareholders will certainly file suit now. The loss of revenue caused by the acquisition failing because they refused to make good on their promised due diligence in disclosing the bot information will most likely result in Twitter's d...See more


    Reply
    108












    • L


      lola1972
      6h ago

      If I were a twitter shareholder, which I definitely am not; I would be most concerned about the fact that twitter is obviously being run by children…


      Reply
      46












    • 3 replies



    • sensibletoday
      7h ago

      If Twitter's demise is the result, the world will be a much better place.


      Reply
      120












    • 1 reply

  • Show 12 more replies
  • H


    Hogan240
    6h ago

    Twitter is going to be forced to expose its business dealings in public, either in the Elon Musk lawsuit or in its shareholders lawsuit. It will be fun to watch either way, but it looks like Twitter is going to be in some court in the near...See more


    Reply
    59













    • faitaccompli42
      6h ago

      Great point, that would include internal emails to & from political figures.


      Reply
      2












  • G


    Gravitas
    6h ago

    Now the true value of the company will be revealed. No doubt the price was hyped up during the Trump years with all the controversy regarding his Tweets and the obvious corruption of the legacy media. Ellon may well end up with Twitter at ...See more


    Reply
    42

    1













    • ClosetConservative279
      5h ago

      This has nothing to do with Trump.  When Facebook is making $10M/year from Apple as an advertiser to market to a 100M user platform..... Twitter wanted in on that kind of money.  But they only had 40-50M users, so they created fake account...See more


      Reply
      6












    • 1 reply

  • Show 2 more replies


  • williambayer025
    6h ago

    "Twitter shares tumble after Elon Musk ends $44B deal" --- Gonna tumble a lot more when it turns out that Twitter falsified its SEC filings to artificially inflate the value of the company in order to swindle investors and advertisers.


    Reply
    70

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    • L


      lola1972
      6h ago

      While I agree with your premise, I don’t know that an SEC overrun with leftest will do anything about it. These are the people who bail completely irresponsible and negligent companies out while everyone else goes under…


      Reply
      15












    • 1 reply

  • C


    cmac66
    6h ago

    It's over for Twitter. A lawsuit will trigger discovery, which will most likely result in shareholders suing Twitter, the SEC filing charges against Twitter and the entire board being forced out.


    Reply
    40

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    • R


      repubthewh.sen.and.house
      6h ago

      Hopefully the entire board will go to jail!


      Reply
      20












    • S


      scott@foxnews
      6h ago

      We hope


      Reply
      5












  • Show 1 more reply


  • ProtectThisHouse
    6h ago

    if tweeter proceeds with a lawsuit,  they will have to open books.
  • There is a reason they refuse to open books to Mask. 
  • Tweeter just became vulnerable to FCC investigation and stockholders lawsuit. 



  • Reply
    26














    • Ufilthyliberal
      6h ago

      Exactly


      Reply
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  • Show 1 more reply
  • J


    johndoeuscitizen
    6h ago

    Twitter should be afraid of its shareholders more than Musk.  They will sue them into oblivion for not cooperating with the takeover.


    Reply
    24












  • 2 replies


  • plaintruth17
    6h ago

    This is only the beginning. Twitter is a organized criminal operation. Only time will tell exactly how much of its “users” are fake. Keep in mind . They are selling stock, charging advertising fees and raising money based on what now appea...See more


    Reply
    25












  • 2 replies
  • ?


    🍻fizzyliftingdrinks🍻
    6h ago

    The twitter bird is blue and cannot be resuscitated. Flatlined on the bargaining table.


    Reply
    31












  • 1 reply


  • richfromct
    6h ago

    A "free" service paid for by advertisers.
  • Now the advertisers know half the accounts viewing their ads are fake.
  • Don't Blame Musk


    Reply
    45












  • 2 replies



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