Jul 11, 2022
Twitter shares fall as Elon Musk backs out of deal
Twitter's share price stood at about $34.40 in early Monday trading - falling further below the $54.20-a-share takeover price agreed by Mr Musk and Twitter's board in April. Mr Musk - who is also the boss of electric car firm Tesla - announced plans to buy Twitter in April, but the deal was put on hold a month later due a row over the number of fake accounts on the platform. The original merger agreement includes a $1bn break-up fee, but instead of pushing for Mr Musk to pay the sum, Twitter wants the businessman to compete the deal. After Mr Musk first agreed to buy Tesla in April, shares in the electric car firm fell by around 20%. Mr Musk then sold roughly $8.5bn worth of shares in Tesla, leading to speculation that the money raised would help to finance the deal. "Even if there was a false representation as Musk claims, he claims that Twitter falsely represented the amount of spam on the platform. You can't get out of the deal just for that."
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