On Friday, Musk announced he was terminating the agreement, citing a “material breach of several provisions” of the agreement and alleging that Twitter had failed to respond to multiple requests for information about fake accounts or accounts. of spam.
Twitter Chairman Brett Taylor said on Friday that the board is “committed to completing the transaction at the price and terms agreed to with Mr. Musk and plans to take legal action to abide by the merger agreement”.
Musk could be liable for a billion dollar termination fee even if he persuades a judge to let him back out of the deal.
Shares of Twitter were hammered on Monday with shares down more than 11% on the first day of trading since Musk announced he was dropping his deal.
The Huffington Gt