On Friday, Musk introduced he used to be terminating the deal, bringing up “subject material breach of more than one provisions” of the settlement and alleging Twitter failed to reply to more than one requests for details about faux or unsolicited mail accounts.
The chair of Twitter’s board, Brett Taylor, mentioned Friday that the board used to be “dedicated to last the transaction at the value and phrases agreed upon with Mr. Musk and plans to pursue felony motion to implement the merger settlement.”
Musk may well be at the hook for a $1 billion termination rate even supposing he persuades a pass judgement on to let him again out of the deal.
Twitter shares have been hammered on Monday with stocks down greater than 11% within the first day of buying and selling since Musk introduced he used to be forsaking his deal.