The action of Twitter lost 6.7% of its value at the opening of Wall Street on Monday, penalized by the decision of the American billionaire Elon Musk to give up the takeover of the social network.
This fall erased, in passing, more or less two billion dollars of market capitalization. For its part, Tesla, which Musk owns (TSLA-2.39%) lost 1.3%.
Last Friday, Musk announced that he was terminating the agreement with Twitter’s board of directors to buy the social network because of “false and misleading” information about the company.
In a letter published by the American stock market policeman, his lawyers assure that Twitter did not respect its commitments made in the agreement, by not giving all the information requested on the number of inauthentic accounts and spam.
Immediately after Tesla’s announcement, Twitter Chairman Bret Taylor said the company will take legal action to “enforce” the deal.
“Twitter’s board is committed to completing the transaction at the price and terms agreed to with Mr. Musk,” Mr. Taylor tweeted, adding that they were “confident” in their chance to win. before the courts.
Both parties had pledged to pay severance pay of up to $1 billion in certain circumstances. Legal experts question whether the reasons given by Musk will be sufficient.
According to the Wall Street Journal, investors, lawyers and onlookers are bracing for what could be one of the unprecedented legal battles in corporate takeover history.
As of Friday, the social media company had lost more than $11 billion in market value from its closing high of $51.70 in April.
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