Twitter Inc shares have plunged to their lowest level since the social media company agreed to sell itself to Elon Musk for $44 billion on April 25, raising questions over whether the world's richest person will try to renegotiate the deal.
Elon Musk's Twitter profile is seen on a smartphone placed on printed Twitter logos in this picture illustration taken April 28, 2022. REUTERS/Dado Ruvic/Illustrationshares have plunged to their lowest level since the social media company agreed to sell itself to Elon Musk for $44 billion on April 25, raising questions over whether the world's richest person will try to renegotiate the deal.
Musk has not indicated he is planning to re-open negotiations and his representatives have declined to comment on the issue.Musk has an estimated net worth of almost $240 billion according to Forbes, yet most of his wealth is tied up in shares of Tesla IncMusk has already moved to raise some cash to fund the acquisition of Twitter. He sold $8.5 billion worth of Tesla shares and took out a $12.5 billion margin loan secured against his Tesla stock. Last week he reduced that margin loan to $6.
First, Musk would have to convince Twitter he would really walk away. Then there are legal hurdles, including a "specific performance" clause that the social media company can cite for a judge to force Musk to complete the deal. Companies that have fought acquirers in court include medical technology firm Channel Medsystems Inc, which sued Boston Scientific Corp
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk says he would allow Donald Trump back on TwitterElon Musk said that Twitter's permanent suspension of Trump in the days following the January 6 attack 'was morally wrong and flat out stupid.'
Read more »
The One Group That Can Stop Elon Musk From Unbanning Trump on TwitterElon Musk’s decision to restore Trump’s privileges to post on Twitter if his purchase of the company closes is a dangerous one for American democracy.
Read more »
ACLU backs Trump's return to Twitter after Elon Musk says he'd lift banThe civil liberties group backed the Tesla CEO's decision to allow the former president back on Twitter.
Read more »
Elon Musk says he would allow Donald Trump back on TwitterTrump was barred from the platform in January 2021 in the final days of his presidency amid unrest following the Jan. 6 attack on the U.S. Capitol.
Read more »
Jack Dorsey backs Elon Musk, says Trump's Twitter ban was 'a failure''Permanent bans are a failure of ours and don't work,' Twitter co-founder and former CEO Jack Dorsey said after learning of Elon Musk's plan to reinstate Trump.
Read more »