Elon Musk mocks Twitter legal threat after scrapping $44 billion deal; Twitter hits back

Elon Musk on Monday mocked Twitter Inc.’s risk to sue him subsequent his move to abandon the $44 billion takeover offer, tweeting the social media firm would have to have to disclose far more information and facts on bots and spam accounts.

The sequence of tweets on Monday was the Tesla Inc. CEO’s initial general public reaction given that he produced public his intention to ditch the provide on Friday for the reason that Twitter experienced breached various provisions of the merger settlement.

“Twitter’s board will have to contemplate the possible hurt to its personnel and shareholder foundation of any further interior knowledge uncovered in litigation,” Benchmark analyst Mark Zgutowicz mentioned.

Twitter fired back again at Musk later on on Monday, accusing the world’s richest particular person of “knowingly” breaching an agreement to get the social media business.

In a letter sent to Musk, dated Sunday and submitted with regulators on Monday, Twitter explained it had not breached its obligations less than the merger agreement as indicated by Musk on Friday for searching to end the deal.

“Twitter has not suffered and is not very likely to endure a Enterprise Materials Adverse Outcome,” it additional.

Twitter also said in the letter that the merger arrangement remained in put, incorporating it would take techniques to close the deal.

Twitter shares fell 11.3 % to close at $32.65 on Monday. The inventory shut at $36.81 on Friday, a 32 per cent discounted to Musk’s $54.20 bid, as it faces a double whammy of a slump in the broader fairness industry and trader skepticism about the deal.