The billionaire’s bid to terminate the acquisition of Twitter is complicating matters for Ned Segal, the social media company’s finance chief who is battling a decline in its share price as well as higher costs.
Twitter says it hasn’t breached its obligations under the terms of the deal. The company’s lawyers said the agreement isn’t terminated and demanded that Elon Musk comply with their obligations.
Elon Musk’s effort to terminate his Twitter deal sent shares of the social-media company tumbling, ahead of what is expected to be a messy courtroom battle.
In trying to terminate his $44 billion takeover deal, Tesla boss sets stage for what could become one of the oddest courtroom battles in corporate-takeover history.
Both sides expected to battle over $44 billion deal in a Delaware court.
The social-media company’s employees voice confusion and frustration after weeks of upheaval during the takeover talks.
The tech entrepreneur is seeking to terminate his deal to buy the social-media company, saying it hasn’t provided data he needs to assess the prevalence of fake accounts, according to a regulatory filing.
Twitter said it laid off 30% of its talent acquisition team, as the company deals with increasing business pressures and a potential takeover from Elon Musk.
Company officials say spam accounts represent less than 5% of daily users based on closely held user data.