Home Business Twitter share tumbles 11% after Elon Musk says he won’t buy Twitter

Twitter share tumbles 11% after Elon Musk says he won’t buy Twitter


Twitter, an American social media platform, plunged more than 11% in the New York Stock Market, which ended on the 12th (Korean time) due to the withdrawal of Tesla CEO Elon Musk. Twitter foretold a lawsuit, but Musk, the world’s top tycoon, got back with a mocking picture on the platform. The New York stock market all fell on the same day ahead of the ‘earnings season’ in the second quarter of this year. The Nasdaq Index, which rose for five consecutive trading days last week, recorded the largest drop among the three major New York Stock Exchange indexes at 2.26 percentage points and closed at 11,372.6.

Twitter vs Elon Musk

Twitter closed at $32.65 on the New York Stock Exchange on the same day, down 11.3% ($4.16). The biggest bad news on Twitter is Musk’s declaration of abandonment of the acquisition. Musk sent a letter to Twitter on the 9th that it was terminating the deal. The reason is that Twitter did not comply with its contractual obligations to determine the status of false accounts and did not seek consent for management, including termination of employees.

The Twitter board has foretold a lawsuit. Twitter Chairman Brett Taylor said: “We are committed to completing the transaction at the price and terms agreed upon with Musk. “He plans to pursue legal action to enforce the acquisition agreement,” he said. “I am confident we will win.” Musk and Twitter, who broke the deal, must pay the other $1 billion.

But Musk didn’t blink. He mocked Twitter by posting a four-page drawing to his account on the 11th. “They [Twitter] said I couldn’t buy the company,” Musk said. They don’t want to disclose bot information. They force you to buy Twitter in court. Now they will have to disclose bot information in court.”

Musk is the world’s number one conglomerate with a fortune of $227 billion in the Bloomberg Billionaires Index on the same day, and he is the world’s sixth-largest ‘power tweeter’ who communicates with 100 million followers on Twitter. Whether in court or in public opinion, Musk is confident of victory. Tesla was caught up in a bear market on the Nasdaq on the same day and closed at $703.03, down 6.55% ($49.26).

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I am a contributor to Advancetec.co.uk. I am fascinated by technology overall, especially crypto and it's potential to disrupt the global financial system. But until that future comes, I am perfectly content immersing myself in gaming, movies, gadgets, and all of the other wonders of the modern world.