Twitter says Elon Musk's request to stop the offer of the deal is invalid and illegalTwitter is preparing to sue Elon Musk after stopping the acquisition of the social networking platform
Twitter says Elon Musk's request to stop the takeover deal is invalid and illegalTwitter's stock is down more than 9% at $33.45 after Elon Musk withdrew from the $44 billion takeover deal, after the billionaire's legal team announced that the company had not complied with his demands to obtain some basic information related to the deal.Last Twitter seemed to let Musk have a "batch of raw data" to trade throughout the day when he raised the issue again after announcing that he was buying the social media platform.Twitter has said for years in filings that it believes about 5% of the accounts on the platform are fake, but Musk, on Monday, criticized the image provided by the company.He agreed to agree with general agreement as being a legal agreement.For Twitter, this fiasco is a catastrophic scenario and will lead to myriad challenges ahead for Parag and its partners,” Wedbush analyst Dan Ives wrote Monday.The sell-off in Twitter shares pushed prices below $35 each, away from the $54.20 a share that Musk agreed to pay the company, strongly suggesting that Wall Street has serious doubts that the deal will go ahead.